The police have held three directors of a private firm as part of continuing inquiry into a bank fraud by Parekh Alluminex Ltd (PAL) against which lenders are now claiming close to Rs 4,000 crore.
Bhawarlal Bhandari, Premal Goragandhi and Kamlesh Kanungo were detained by the economic offences wing on Friday for cheating, forgery, breach of trust and criminal conspiracy and scam following a complaint by Axis Bank against the firm for cheating it of Rs 250 crore.
Axis Bank is the branch of a group of over 20 creditors with the spotlight to the company. Those arrested on Friday are charged with floating forged invoices and manipulated bills through bogus companies to commit the scam at the bank’s main branch, Fort, using letters of credit.
Police haven’t ruled out the function and role of bank officials in the case. Axis Bank’s complaint against Parekh Alluminex Ltd (PAL) also mentions directors Amitabh Parekh who died in 2013, Rajendra Gothi, Devanshu Desai, Kiran Parikh and Vikram Mordani as TOI reported.
Parekh Alluminex is already facing inquiry by the CBI following a complaint by public sector lenders, including SBI and Indian Overseas Bank. Lenders have accused the private company of diverting funds to real estate developers. The company is now facing bankruptcy proceedings in the National Company Law Tribunal where a petition has been lodged.
Premal Goragandhi is the BJP Vice President South Mumbai Colaba Vidhan sabha and a very close associate of BJP Colaba MLA Raj Purohit.