Nagpur: After ‘Coalgate’, the Topworth Group Nagpur once again in the Net CBI.
On Monday, a case was ordered to the Director of Steels Topworth and Power Limited followed complaints against them by the IDBI Bank for fraud in the case of loan Rs 63 Crore.
Unknown civil servants and private people have also been ordered in this case.
The company has a steel mill and captive power plants in UMRED.
It produces Lodha TMT steel bar.
Directors ordered are Surendra Lodha, Abhay Lodha, Ashiwn Lodha and Nitin Golecha.
Has been accused that the defendant signed a conspiracy to utilize loans in the form of a letter of credit, trade credit, bank guarantee, and limited cash credits.
However, the account is classified as an asset that does not perform because of irregularities that are consistent in repayment.
This has caused loss around RS 63 Crore to the IDBI Bank, according to the CBI release.
Searches are made in Nagpur, Chhattisgarh and Mumbai.
Previously, another company of the same group – Urja Topworth and Metal Limited – was involved in the case of the allocation of coal blocks.
However, in September last year the CBI has focused the Board of Directors.
Surendra is one of the accused in this case.
The other order is the SK partner and AK Nevatia.
They have taken over the Virangana steel company, which is given coal blocks, through questionable facilities.
The company director was dismissed on the grounds that they had taken over the company when the coal block had been taken over by several other entities.
But in November, the debate of his team of the Directorate was worth RS 169 Crore Urja Topworth in the same case.
Surendra is the director at Topworth Urja and Topworth Steels.
CBI Book Loan Fraud Case against Steel Topworth
