The CBI has filed an FIR against Delhi-based firm Apple Natural Resources Ltd and its directors for allegedly cheating State Bank of India to the tune of Rs 200 crore as unpaid debts, officials said Thursday.
The State Bank of India has alleged that the company, engaged in the trading of iron ore through three mines at Kadapa in Andhra Pradesh on lease in the name of its associates, allegedly has dues worth over Rs 200 crore as unpaid debts causing loss to the bank, they said.
The CBI has named the firm's CEO Ashish Garg and directors Ankit Garg as well as Nishchal Jain along with the company in its FIR filed for criminal conspiracy, cheating, forgery and provisions of Prevention of Corruption Act, they said.
The SBI spotted the alleged fraud of diversion of money during its forensic audits, they said.
The forensic audit of the company showed that its 80 per cent dealings were with companies related to it and funds were siphoned off showing payments to these firms for non-existent business dealings, they said.
The SBI auditor, who will also be the prosecution witness in the case, has alleged that these acts reveal that the accused have colluded together and committed illegal activities, including siphoning, diversion and misappropriation of funds for a purpose other than that for which the funds were released by the bank.
The report stated that the company did not maintain the records of stock at the site and at the office in Kadapa city and it was observed that weighbridge slips were not available with the borrowers either.
It was found that no mining activities were carried out at the time of the visit of the Stock Auditor and only excavation in the mining area was going on.
"The said offences are committed by the accused with an intention to make unlawful gains by causing wrongful loss to the bank and has dishonestly misappropriated the property, committed cheating and caused wrongful loss to the Bank," the SBI alleged in its complaint which has now become a part of the FIR.