New Delhi (11.02.2021): An Ahmedabad-based powerline construction company, Archon Engincon Ltd, and Delhi-based Goyal Engineering Polymers Pvt Ltd are in the traps of the CBI for having allegedly defrauded public sector banks SBI and IOB of Rs 182 crores and Rs 42 crores, respectively. In the case of Archon, the CBI had filed a case against its directors Chandrakant Panchal and Neha Panchal along with others for cheating the State Bank of India-led consortium of Rs. 182 crores between 2014 and 2017 after carrying out searches at eight locations of the company in Delhi NCR, Ahmedabad and Gandhinagar. “It was alleged that from 2014-15 to 2016-17, the accused entered into a conspiracy and after availing the said limits, the accused diverted the sanctioned facilities by falsifying books of accounts and issuing bogus invoices and bills and caused a loss of Rs 182.37 crore to SBI”, the CBI said in an official release and added that "Archon Engicon Limited is a turnkey project service provider in the power transmission business. The company also provides turnkey project services in the solar, wind and telecommunication sectors". The company has a facility at Santej with a manufacturing capacity of more than 80,000 tonnes a year. In the case of Goyal Engineering Polymers Pvt Ltd, the CBI filed the case on a complaint from Indian Overseas Bank which alleged that it was cheated of over Rs 42 crore by directors of the company by giving improper information and falsification of documents.
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By IndianMandarins - 2021-02-11 07:27:00
New Delhi (11.02.2021): An Ahmedabad-based powerline construction company, Archon Engincon Ltd, and Delhi-based Goyal Engineering Polymers Pvt Ltd are in the traps of the CBI for having allegedly defrauded public sector banks SBI and IOB of Rs 182 crores and Rs 42 crores, respectively.
In the case of Archon, the CBI had filed a case against its directors Chandrakant Panchal and Neha Panchal along with others for cheating the State Bank of India-led consortium of Rs. 182 crores between 2014 and 2017 after carrying out searches at eight locations of the company in Delhi NCR, Ahmedabad and Gandhinagar.
“It was alleged that from 2014-15 to 2016-17, the accused entered into a conspiracy and after availing the said limits, the accused diverted the sanctioned facilities by falsifying books of accounts and issuing bogus invoices and bills and caused a loss of Rs 182.37 crore to SBI”, the CBI said in an official release and added that "Archon Engicon Limited is a turnkey project service provider in the power transmission business. The company also provides turnkey project services in the solar, wind and telecommunication sectors".
The company has a facility at Santej with a manufacturing capacity of more than 80,000 tonnes a year.
In the case of Goyal Engineering Polymers Pvt Ltd, the CBI filed the case on a complaint from Indian Overseas Bank which alleged that it was cheated of over Rs 42 crore by directors of the company by giving improper information and falsification of documents.
