Chennai: Central Investigation Bureau (CBI) has booked a city-based food production company to deceive banks in a 217.2 crore tone.
Oceanic Tropical Fruits Private Limited (OTFPL), Pepsico Co-Packer for sliced their products, has taken a loan of 274.3 Crore loans from three Banks – Bank of India, ICICI and Indian Central Bank.
When loans are not repaid, banks declare their assets that do not perform.
But the auditor later found that the company’s Directors – Joseb Raj, Vimala Joseb and James Walter (Personal Guarantor) – Transferring loan funds.
The company submitted a fake voucher and detailed transaction to divert money, according to FIR submitted by the CBI on Thursday.
OTFPL uses another company, KK Foods (KKF), to collect accounts or debts from consumers.
Banks found that the KKF actually gathered accounts receivable but did not credit it in an OTFPL account.
OTFPL is mainly involved in processing mangoes to pulp and concentrates and KKF acts as an intermediary with the Mango supplier.
When the bank reviews the KKF ledger account, they found 86 of 429 inconsistent transactions.
The company claims that it uses a private vehicle to transport 10,000 kilograms of mango.
But when the bank checks the registration number, they are found from two wheels and not trucks.
So the bank in 2019 stated that the company’s activities as a branch of stress management and SBI authorization to act on it.
S Ravichandran, Deputy General Manager Branch, confirmed the bank’s findings and complained to the CBI.
CBI company Books Chennai to deceive banks
