CBI register case against Pvt company, others for causing loss to IFCI Ltd.

CBI register case against Pvt company, others for causing loss to IFCI Ltd. The Central Bureau of Investigation (CBI) has registered a case on complaint from IFCI Limited against private company based at Mumbai & others including its Director, Valuers and unknown public servants/unknown others for causing an alleged loss of Rs.22.06 crore (approx.) to IFCI Ltd. It was alleged that from 2014 to 2018, IFCI Ltd. disbursed the entire loan amount of Rs.25.00 crore (approx.) on the basis of security cover of 02 times, pledge of shares, and pledge of gold, diamond, and gold CS studded jewellery, relying on the representation, assurances, and undertakings of said private company as well as its Director and the value of the pledged jewels on the basis of valuation conducted by Valuers. It was further stated that the accused began defaulting on loan instalment repayments, and that in order to recover the defaulted amount of the instalments, IFCI Ltd. invoked the pledge, and that the revised value acquired by IFCI reduced the valuation of the pledged jewels by 90%. It was further claimed that the aforementioned Director conspired with the Valuers to have the promised gems valued at an exorbitant and inflated amount. The diamonds were said to be of poor quality and not genuine gemstones. Searches were undertaken at about eight of the accused Valuers' premises in Mumbai and Kolkata, resulting in the recovery of incriminating papers. The investigation is still ongoing.