A team of the premier probe agency carried out the searches at the private firm on the basis of a complaint from Laxmikanta Mishra, the Assistant General Manger-cum-Circle Head of Punjab National Bank, Bhubaneswar.
As per reports, S.R. Alcobev Pvt Ltd has been accused of cheating, forgery, criminal breach of trust and corruption.
The company allegedly caused undue and wrongful losses to Punjab National Bank/ Indian Bank to the tune of Rs 140.48 crore with interest as on September 30, 2021, and corresponding wrongful gain to accused persons, the CBI said in a statement.
As per the CBI report, the company allegedly defrauded Punjab National Bank, Buxi Bazar branch and Allahabad Bank, Bhubaneswar branch in credit facilities to the tune of Rs 73 Crore through its directors Ranjan Kumar Padhi, Managing Director and Saina Kar, Director in conspiracy with the unknown public servants of banks and others.
SR. Alcobey Pvt Ltd's Managing Director Ranjan Kumar Padhi, Managing Director had approached the main branch, Buxi Bazar of the Punjab National Bank and Allahabad Bank, Bhubaneswar for a financial facility and caused the bank to believe that with the said loan limit the business of the company would grow.
Relying upon the representation of the borrower, the Punjab National Bank & Allahabad Bank, under the consortium arrangement sanctioned the credit facilities aggregating the total amount of Rs.73.00 Crore (lead bank PNB-Term Loan 40.00 Crore) and Indian Bank (erstwhile Allahabad Bank, Term Loan Rs.33.00 Crorc) during 2013.
The Banks disbursed the loan to the accused firm SR. Alcobev Pvt.Ltd and Brewforce Technologies, Dehradun, supplier for Alcobev Pvt. Ltd., and to Sukanta Kumar Lenka (Civil Contractor) for Civil construction at plant site of the accused company, the CBI mentioned in the report.
It has been alleged that after the disbursal of loan proceeds, the guarantors by violating the terms and conditions of sanction, neither procured the machineries nor deposited the instalments in time for which the account turned non-performing assets, the probe agency said.
The Westminster Magistrates Court ordered the Metropolitan Police to place him in its custody till the next hearing on August 22.
The 48-year-old businessman, wanted in India, was arrested from Holborn here on March 19. Since then he has been fighting extradition proceedings.
Modi and his uncle Mehul Choksi are being investigated by the Enforcement Directorate and the Central Bureau of Investigation after the PNB alleged that they cheated it of Rs 13,500 crore with the involvement of some bank employees.
Modi also faces charges under the Fugitive Economic Offenders Act. The ED has filed a chargesheet against Choksi in a Prevention of Money Laundering Act Court in Mumbai.
Both fled India before details of the fraud emerged in January 2018.
The CBI had booked Puri and others in connection with the bank fraud case, officials said on Sunday.
The ED's action came three days after the Central Bureau of Investigation (CBI) registered a case against Puri, his company, his father and Managing Director Deepak Puri, Directors Nita Puri (Ratul's mother and Kamal Nath's sister), Sanjay Jain and Vineet Sharma for alleged criminal conspiracy, cheating, forgery and corruption.
The CBI on Sunday had also carried out searches at six locations, including the residences and offices of the accused directors.
Ratul had resigned from the post of Executive Director in 2012, while his parents continued to be on the board, the bank had said in a statement.
The company is involved in the manufacture of optical storage media like compact discs, DVDs, solid state storage devices.
The company was taking loans from various banks since 2009 and went for debt restructuring a number of times, the bank has alleged in the complaint which is now part of the CBI FIR.
The counsel for Puri moved three applications seeking supply of certain medicines, prescribed by the RML Hospital, separate vehicle for transportation and bedding in jail as the accused suffered from back problem.
Allowing the applications, the court said, "The Jail Superintendent is directed to provide necessary medicines in consultation with the jail doctor. As far as remaining prayers are concerned, the Jail Superintendent shall consider the same as per the jail manual."
The ED arrested Puri, nephew of Madhya Pradesh Chief Minister Kamal Nath, in a money laundering case under the Prevention of Money Laundering Act (PMLA) based on an FIR by the Central Bureau of Investigation (CBI) against Moser Baer India (MBIL) and others.
An ED source told IANS, "Investigation has revealed that Moser Baer had bought Blue Ray discs from Pacific International FZE, a company of Rajiv Saxena, which purchased the same from Singulus Technologies, Germany."
The total quantum of purchase was approximately $3.3 million and price differential per unit was "double" the amount, he said and added, "Investigation has revealed that Puri was the beneficiary of the said tainted money, generated by diverting bank funds through over-invoicing."
He said Saxena started the business of supplying solar power panels to Moser Baer Group from Midas Metals International, which were sourced from West Asia Trading and Enertec. "The said companies belong to Puri and were used for earning a profit margin and diversion of funds," he said.
The total quantum of business undertaken herein was Rs 1,492.36 crore, he added.
According to the ED source, Puri was the Executive Director of Moser Baer till 2012, but he remained in the "decision making" of Moser Baer and was a "key" figure in the day-to-day functioning.