HIGHLIGHTS:

  • · A ransacked sum of 862.06 crore rupees was associated with the consortium
  • · CBI spokesperson RC Joshi has stated that raids were conducted in 9 locations, which included both residential and office premises associated with the case in Mumbai and Kolhapur
  • · The FIR named Surya Prakash Madrecha and Chandra Prakash Madrecha, who were the MD and director of the company respectively

On Tuesday, The Central Bureau of Investigation (CBI) booked the director and managing director of Trimax IT Infrastructure and Services Limited for defrauding a consortium of banks led by the State Bank of India (SBI), between 2009 and 2017. A ransacked sum of 862.06 crore rupees was associated with the consortium.

CBI spokesperson RC Joshi has stated that raids were conducted in 9 locations, which included both residential and office premises associated with the case in Mumbai and Kolhapur. The First Information Report (FIR) named Surya Prakash Madrecha, who was the managing director at Trimax IT Infrastructure and Services, and Chandra Prakash Madrecha, who was the director of the company.

In a statement given on Monday, CBI said, “The bank had issued credit facilities during the period 2009 to 2017 to the accused under consortium banking which was enhanced from time to time. It was alleged that the directors of the private company were in conspiracy with others and some government officials manipulated the books of accounts, diverted the funds released by banks. They allegedly cheated seven consortium member banks including State Bank of India to the tune of Rs.862.06 crore (approx).”

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