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According to officials, the Central Bureau of Investigation (CBI) conducted searches against directors and guarantors of Gardenia India Limited, a real estate firm, for allegedly committing bank fraud worth Rs 109 crore. The agency has recovered cash, jewellery, and documents of assets and property worth more than Rs 50 crore from six locations, including Delhi, Noida, Ghaziabad, and Gurugram. Among the accused is builder Sanjeev Kumar, who allegedly jumped from his apartment in Sector 72 Gurugram and suffered an injury in his leg when the CBI team went to arrest him.
The CBI has registered a case against directors/guarantors Sanjeev Kumar, Manoj Kumar Ray, Anupama Kumari, Poonam Kumar, Gardenia India Ltd, and corporate guarantors Gardenia Shelters Pvt. Ltd and Futech Shelters Pvt. Ltd. The assets were allegedly acquired in New Delhi, Ghaziabad, Gurugram, Bengaluru, and Hajipur (Bihar). The accused had purchased properties worth Rs 36.50 crore in the last four years.
During the searches, the CBI recovered cash of Rs 80.30 lakh, fixed deposits worth Rs 8.84 crore, gold bars and coins worth Rs 35 lakh, documents related to several properties worth Rs 38.86 crore, and gold and diamond jewellery. The CBI also recovered several property documents, including many lands on lease in Hajipur (Bihar), three luxurious cars, around 13 premium watches, and 19 premium pens.
The builder and his firms, which reportedly had several disputes with apartment buyers who staged protests against them, had set up the company in 2017 to develop real estate. The borrower company is said to have availed term loans from Union Bank of India and erstwhile Corporation Bank. Apart from personal guarantees provided by the directors of the company, corporate guarantee was also provided by two other private companies based in Delhi.
The banks found that loans extended by them to the company were diverted, and collateral assets were allegedly disposed without informing the consortium. The accused allegedly avoided the project specified escrow/current accounts to divert sales proceeds of collateral and loan funds to related parties.
The CBI has been cracking down on frauds and corruption in India, as it continues to investigate several high-profile cases. The agency has been given the task of investigating economic crimes and has been instrumental in bringing many high-profile cases to justice. It is hoped that the CBI's efforts will help bring an end to corruption and fraud in India and restore public trust in government institutions.
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