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The Central Bureau of Investigation has filed chargesheet against the chairman of Usha Group of Industries Vinay Rai, his brother and chief general manager of the company Anil Rai, and a senior official of Industrial Financial Corporation of India for allegedly defrauding financial institutions of Rs 20 crore (Rs 200 million).
A CBI spokesman said Rai brothers allegedly connived with the executives of IFCI in connection with sanction and
disbursement of non-convertible debenture (NCD) facility of Rs 50 crore and rupee term loan of Rs 18 crore (Rs 180 million) by the financial institution.
The CBI alleged that the money was divested for purposes other than for which it was sanctioned.
The spokesman said Executive Director, IFCI, Tapan Ganguli and Chief General Manager of the industrial group C D Ghosh were allegedly involved in the conspiracy.
He said all of them had been chargesheeted for their alleged participation in the conspiracy for defrauding IFCI and IDBI in the matter of sanction and disbursement of rupee term loan of Rs 20 crore.
The CBI had registered a case on August 1, 2001 and had also carried out raids at the premises of Rai brothers and other places of the Usha group.
The income tax department has also filed a case against the Usha Group for making out of book sales.