CBI files case in Anil Starch scam

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CBI Registers case Against Amol Sheth of Anil Starch In Rs.597 Crores Bank Fraud

| Updated: July 8, 2022 13:48

CBI has registered a case in Delhi against Amol Shripal Sheth of Anil Starch along with seven others for a bank fraud involving amount of Rs.597 cores. The total amount involved in the scam is to the tune of Rs. 3000 crores.

Amol Sheth, from a reputed and respectable business family of Ahmedabad is accused of defrauding five banks including Bank of India by taking loans worth rs. 597 crores though inappropriate means between 2010 to 2017. However, the banks complained about the misdeed only in 2022.

Also Read: With Promoter Of Anil Starch Nabbed, Crime Branch Finally Cracks Rs 1,500 Cr Scam

The complaint made by the Deputy General Manager of Bank of India to the CBI has mentioned that Anil Limited had obtained a credit facility of Rs. 12 crores in 2016 which included cash credit and term loan. The firm had produced bills of assets and sales and purchase of goods. The firm obtained similar kind of loan from five other banks such as Punjab National Bank, State Bank of India and IDBI. The firm defaulted on payment and all the accounts became NPA.

When the banks resorted to the forensic audit of the accounts, it was revealed that there were gross misrepresentation of transactions. Company had provided incorrect stock statements and the actual stock to cover the finance availed was not enough. There were many instances of undervalued transactions also. Interfirm transactions of dummy nature were also unearthed during forensic audit. The Firm had reported closing stock of Rs. 398.90 crores which was not available with the company during the physical verification of stocks.

CBI has mentioned Amol Shripal Sheth, the managing director of Anil Limited as accused along with Kamal R Sheth, Anish Kasturbhai Shah, Indira R Parikh, (Dipal Palkhiwala), Anurag Kothawala, Sachin Desai and unknown government officials.

It must be noted that Amol Sheth was granted bail in the case of cheating accusations made by thousands of investors of Anil Starch. The complaints were made to the State DGP and several other governmental agencies. There have been more than 400 cases of Cheque returning incidents against Amol Sheth and others involved.

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