Hyderabad: The Central Bureau of Investigation (CBI) conducted searches at the offices of Swiss Tech India Private Limited at Banjara Hills after registering a case of cheating and criminal conspiracy against two of its directors.
The case was registered regarding a fraud committed to the tune of Rs 28 crore by Swiss Tech India Private Limited, officials of the Irrigation and Water Resources Finance Company (IWRFCL) New Delhi and India Infrastructure Finance Corporation Limited New Delhi.
According to the First Information Report (FIR), Sanjeev Kumar, AGM, IWRFCL, Ajai Pratap Singh, and Neha Sharma, both managers at IWRFCL, along with B. Devanadh Reddy and Sowjanya, both Directors of Swiss Tech India Private Limited, colluded with each other cheated the IWRDCL.
“During the year 2012 and 2013, officials of IWRFCL and IIFCL, abusing their official position, entered into a criminal conspiracy with B. Devanadh Reddy and I. Sowjanya, Directors of Swiss Tech India Private Limited. The syndicate also used false documents for processing and sanctioned term loans amounting to Rs. 28 crore to M/s STIPL in 2012 for erection of 500 numbers of Reverse Osmosis water treatment plants to be installed in various districts of Telangana and Andhra Pradesh,” CBI officials said.
The STIPL approached the IWRFCL in the year 2012 with a Public Private Partnership (PPP) project to manufacture, supply and erect 500 Reverse Osmosis (RO) plants on a Build, Own, Operate and Transfer (BOOT) basis in Chittoor, Nellore, Prakasam and Warangal districts.
“The cost of the project was about Rs 37.50 crore. The promoter’s share was '9.50 crore and a term loan from IWRCL was sought to the tune of '28 crore and sanctioned to STIPL in July 2012. The AGM and managers of IRFCL submitted fake inspection reports and certified the installation of RO water plans following which '28 crore was sanctioned. However, it was learnt during the inspection by the IWRFCL officials that only 50 RO plants were installed by the STIPL while the IWRFCL were also paying insurance premiums to the IIFCL without confirming the existence of the RO plants,” the officials said.
Later, the loan account operated by the STIPL at the State Bank of India (SBI), Katedan, became a Non Performing Asset and M/s STIPL failed to repay the entire loan amount. Since no collateral security was obtained from M/s STIPL, the IWRFCL could not recover its dues. The officials registered a case under Section 120 B r/2 409, 420, 471 and Sec 13(1) (d) of the Prevention of Corruption Act, 1988.
