CBI books PAL Trading over shell cos
Mumbai-based firm allegedly siphoning off loan funds through 17 shell companies
Economic Offences Branch of CBI, Mumbai, gets Best Branch trophy
New Delhi: The CBI has registered an FIR against a Mumbai-based company, PAL Trading, for allegedly siphoning off money loaned from the State Bank of India (SBI) through 17 shell companies, causing a loss of Rs24 crore to the bank, officials said Monday.
The CBI has booked the company and its directors Rinku Patodia and Anita Patodia on a complaint from the State Bank of India giving details of the modus operandi detected during a forensic audit of the company dealing in fabrics. The bank had sanctioned credit facilities of Rs 22 crore in 2007 to the company based at Goregaon.