Hindusthan Samachar
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Corrected...CBI registers one more case against Parikh Aluminum LTD

By HindusthanSamachar | Publish Date: Apr 11 2019 6:03PM
Corrected...CBI registers one more case against Parikh Aluminum LTD
New Delhi, Apr.11 (HS): CBI has registered one more FIR in M/S Parekh Aluminex LTD case. This makes it the 9th FIR in the matter. The first case was registered in 2017 (3rd May, 2017) and thereafter nine separated cases have been registered till now against this company. CMD of the company,Amitabh Arun Parikh expired in 2013. In the allegations have been leveled against the accused persons is that he availed various facilities to the tune of Rs 1400 cr from more than 20 banks including nationalized and financial institution in 2004-12. Due to non-payment , all the accounts have been declared NPA. The leading bank in the complaint is Indian Overseas Bank. Investigation says that the company availed loans from.banks on false and fabricated financial data including false balance sheet. The false balance sheet and other finanaical data were created by way of round tripping the loan process through shell companies floated by the director and his associates. Investigation further revealed that sizeable portion of loan process were diverted towards non-business related activities of the company. Searches were conducted six locations in Mumbai owned by Kamlesh Kanungo group , Kirti Kedia Group and JK Shah Group. The said group were the major beneficiary of the diversion of loan proceed which in term invested in real estate businesses and others. During search operation, documents related to investment, account books and hard disk have seized. Hindusthan Samachar/Pramod
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