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Rs. 16k-cr bank scam surfaces in India?

Banks shell out huge amount sans due diligence to Kanoria Brothers, alleges Sydney-based ScamsBreaking.com

`16k-cr bank scam surfaces in India?
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Rs. 16k-cr bank scam surfaces in India?

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The scam has been allegedly commissioned at Kolkata by Kanoria Brothers. The Kanoria Family runs three main businesses namely SREI Infrastructure Finance (SREI), SREI Equipment Finance Limited (SEFL) and India Power Corporation Limited (IPCL)

- Transfer of money between SREI and IPCL via various shell companies - Rs 3,500cr

- IPCL's financial statements in 2017-18 show transfers - Rs 557cr

- Power Trust actually received - Rs 695cr

- Bhaskar Silicon Pvt Ltd, Environ Energy Corporation availed loans - Rs 2,400cr

- Money routed back by shell cos to SREI Infrastructure- Rs 1,000cr

- The amount of fake loans- Rs 2,575cr

Mumbai: A Sydney-based site claims to have busted a huge bank scam in the country, amounting to Rs 16,000 crore, involving the private sector lender, Axis Bank among other banks.

The site, ScamsBreaking.com, has already submitted the documentary evidence to Indian law enforcement agencies including CBI, ED, Income Tax Office and the Finance Ministry about it.

The collected evidences clearly not only show, but also establish the siphoning of more than Rs 16,000 crore of public money and the report also shows that this scam can cross the Rs 50,000-crore mark and also the illegal routing of the public money out of India, the website said in a statement.

The scam has been allegedly commissioned at Kolkata by Kanoria Brothers.

Through a well-planned strategy, the Kanoria family has smoothly funnelled over Rs 16,000 crore, one of the largest so far into their account. The Kanoria Family runs three main businesses namely SREI Infrastructure Finance (SREI), SREI Equipment Finance Limited (SEFL) and India Power Corporation Limited (IPCL).

The SREI entities are funded by various banks, while the IPCL is funded by government institutions like Power Finance Corporation. In addition to others, the AXIS Bank allegedly shelled out public money blindly and without any due verification in Kanoria Brothers' accounts, according to ScamsBreaking.com.

When contacted by Bizz Buzz, Axis Bank said: "We have noticed that an article/video is being circulated on social media concerning SREI Group and the name of Axis Bank is being dragged into the same. The details provided about Axis Bank's exposure are completely false, bereft of facts and utterly misleading."

There has been a transfer of more than Rs 3,500 crore between SREI and IPCL via various shell companies which have been concealed in all financial statements of the companies, ScamsBreaking.com's report stated.

Most interestingly, IPCL's financial statements for the year 2017-18 show transfers to the tune of Rs 557 crore of public money to Power Trust under the false pretext of purchase of investments. Power Trust actually received Rs 695 crore which was further diverted to other shell entities promoted by the Kanoria Brothers. This could happen also because of the fact that the very auditor itself has also been hand and glove with Kanoria Brothers, it has been alleged.

Bhaskar Silicon Private Limited (BSPL) and its subsidiary Environ Energy Corporation Limited, both loss-making shell companies of the Kanoria Brothers, availed loans to the tune of Rs 2,400 crore using SREI Infrastructure's fraudulent documents. These companies further siphoned Rs 1,000 crore to Power Trust. This Rs 1,000 crore was routed back to SREI Infrastructure.A whopping Rs 2,575-crore public money was siphoned off under the garb of fake loans.

Kumud Das
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