The company has additionally applied searches at utterly different locations in Hyderabad in reference to the case
The CBI has booked Arjun Singh Oberoi, director, Golden Jubilee Hotels, alongside with its CEO and managing director Laxmi Narayan Sharma, in reference to alleged dishonest in a loan default of over Rs 1,285 crore in a consortium of seven banks led by the Bank of Baroda, officials acknowledged on Thursday.
The company has additionally applied searches at utterly different locations in Hyderabad in reference to the case, they added.
Oberoi is additionally the managing director of EIH Restricted, which runs resort chains Oberoi, Trident and Maidens.
Besides Oberoi and Laxmi Narayan Sharma, the Central Bureau of Investigation (CBI) has additionally named Neha Gambhir and Yashdeep Sharma within the case registered under the Indian Penal Code (IPC) sections connected to criminal conspiracy and dishonest, moreover provisions of the Prevention of Corruption Act.
It is alleged that Golden Jubilee Hotels took credit companies to the tune of over Rs 728 crore right by 2009-15 within the invent of term loans and bank guarantees from the consortium comprising the Bank of Baroda, the erstwhile Company Bank, the Punjab Nationwide Bank, the Punjab and Sind Bank, the erstwhile Syndicate Bank, the Jammu and Kashmir Bank and the Bank of Maharashtra, they acknowledged.
When the firm couldn’t meet the deadlines to repay the loans, the banks applied a forensic audit by Ernst and Younger, which declared the epic as fraud.
“It is submitted that borrower firm, its promoters, alongside with utterly different unknown folk and entities, in pursuance of a successfully-knitted criminal conspiracy…and with dishonest draw of causing wrongful loss to the consortium of banks led by Bank of Baroda to the tune of Rs 1,285.45 crore alongside with uncharged passion as a lot as September 30, 2020 and wrongful attain to themselves, diverted and siphoned off the funds disbursed to them, dishonestly misappropriated the loan quantity,” the banks alleged within the grievance.
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