The Central Bureau of Investigation (CBI) on Wednesday said it has registered a case against the promoters and directors of Kolkata-based steel maker Ramsarup Industries on the allegations of cheating public sector lender United Bank of India to the tune of RS.184.43 crore. The central investigation agency has conducted searches in 10 premises across five states as a part of the probe. The case has been registered against nine accused, including promoter and directors of the company, “U/s 120 B r/w 420 of IPC” on the allegations that the accused cheated the United Bank of India, corporate finance branch, Kolkata to the tune of Rs.184.43 crore through the loan account of Ramsarup Industries by diverting a total sum of around Rs.130.95 crore to a group company also based in Kolkata, CBI said in a release.
“Searches have been conducted at 10 premises of the accused persons and said private company located at Kolkata, Gurgaon, Kanpur, Nagpur and Jamshedpur,” it said, adding further investigation is continuing.
The names of the accused are: Ashish Jhunjhunwala (promoter & director) and Naveen Gupta, Ayush Lohia, Krishna Murari Lal, Lalit Mohan Chatterjee, Bimal K. Jhunjhunwala, Debashish Sarkar, Mohammad Shahid Aftab, all directors of Ramsarup Utpadak (Unit-II) of Ramsarup Industries Ltd.
Significantly, the company earlier this month said it made an application Under Section 10 of Insolvency & Bankruptcy Code, 2016 in the month of May this year before the National Company Law Tribunal (NCLT), Kolkata. On Wednesday, Ramsarup Industries’ scrip rose 2.32% to end the day at Rs. 2.65 on BSE.