DPIL MD, joint MD search anticipatory bail

VADODARA/AHMEDABAD: A day after Central Bureau of Investigations () booked Infrastructure Ltd (DPIL) for cheating and criminal conspiracy, the accused have filed for anticipatory bail.
DPIL managing director Amit Bhatnagar, joint director and founder applied for anticipatory bail in the special CBI court in Ahmedabad on Friday, sources in the probe agency said. The bail pleas will come up for hearing on Saturday.

DPIL and its top management has been booked for cheating various banks to the tune of Rs 2,654 crores by falsification of records, creation of false documents and forgery of records. The central probe agency also searched the corporate office of the company and residences of its directors in the city on Thursday. This was done in active connivance with some bank officials.

According to the FIR filed by the CBI, DPIL availed loans despite its name appearing in RBI’s defaulters’ list and the Export Credit Guarantee Corporation caution list, which CBI officials say couldn’t have been possible without involvement of bank officials. CBI has also booked unknown bank officials in this case.

DPIL, engaged in manufacturing electric cables and other electrical equipments, fraudulently availed credit facilities from a consortium of 11 banks (both public and private) since 2008, leaving behind an outstanding debit of Rs 2,654.40 crore as on June 29, 2016, the CBI said.

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