The F.I.R. has been registered after D.V. Prasad Rao, Deputy General Manager of Canara Bank's Camac Street branch filed a complaint with the CBI that directors of RP Info Systems Limited; Shivaji Panja, Kaustuv Ray, Vinay Bafna and Debnath Pal, Vice President (Finance); have cheated a consortium of ten banks to the tune of Rs. 515.15 crore banks against fabricated stock positions and other forged documents.
The ten banks of the consortium are: Canara Bank, State Bank of India, State Bank of Bikaner and Jaipur, Union Bank of India, Allahabad Bank, Oriental Bank of Commerce, Central Bank of India, Punjab National Bank, State Bank of Patiala, and Federal Bank.
The complaint said that the accused in criminal conspiracy with unknown bank officials availed bank loan on the basis of false and fabricated stock/receivables/debtors statements, forged drawing power letter etcetera.
The complaint further alleged that Letters of Credit (LC) opened by different member banks of the Consortium on the applications of M/s. R. P. Info Systems Ltd. started devolving from 2012 onwards due to non-maintenance of funds.
"RP Info System and the accused dishonestly and fraudulently did not route the sale proceeds through the loan account and siphoned off the entire amount," said the complaint.
Some of the purported debtors, viz, Gail India, Vincent Electronics (Rourkela), CEAT ltd, had informed State Bank of India that they had no dealing with RP Info Systems.
The other member banks of the consortium had authorised Canara Bank to lodge the consolidated complaint, according to the FIR. (ANI)