Bengaluru-based Hypermart Steel booked for cheating banks

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New Delhi, Jan 13 | The Central Bureau of Investigation (CBI) on Wednesday said that it has registered a case against Bengaluru-based Steel Hypermart India Pvt, its directors and several others for defrauding a consortium of banks led by Indian Bank to the tune of Rs 200.38 crore.

The agency also carried out searches at several locations in Karnataka, and Tamil Nadu.

A CBI official said that the agency registered a case against Steel Hypermart India Pvt and others, including its Directors Mahendra Kumar Singhi, Suman Mahendra Kumar Singhi, Chartered Accountant Mukesh Surana, and unknown public servants on a complaint from Indian Bank.

The CBI said in the complaint, it was alleged that Steel Hypermart, during the period 2017-2019, in connivance with others, had availed credit facilities under consortium lending, from Indian Bank and then Vijaya Bank (now merged with Bank of Baroda) and defrauded it, thereby causing a loss of Rs 200.38 crore (Rs 168.39 crores to Indian Bank and Rs 31.99 crore to Bank of Baroda).

The complaint said that the account became an NPA on April 30, 2019 and was reported as fraud on November 7, 2019.

The bank, in its complaint, also alleged that the company in order to avail higher working capital limits from the banks, had inflated its turnover, made purchase transactions with the related or sister concerns, carried out inflation of receivables, diversion of funds within the related or sister concerns, submitted false or fudged accounts or statements, etc. and siphoned off the banks funds, thereby causing loss to the said banks.

“Searches were conducted at the residential and official premises of the accused at Bengaluru and Shoolagiri in Tamil Nadu which led to recovery of several incriminating documents and other material evidences,” the official added.

Source: IANS

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Handicraft Furniture setting a new trend in the interior and home décor industry

Handicraft Furniture setting a new trend in the interior and home décor industry

Furniture is one of the most prominent and significant aspects of any space. It adds a distinct depth and feel to the décor and enhances its beauty to the next level. Conventionally furniture was considered only as a side element while designing an interior. However, today the trend has changed; the limelight is on the furniture and furnishing elements. Young interior designers and architects are giving utmost importance to furniture and are heavily investing their time and efforts to get the best furniture for modern urban spaces.

Antique Handicraft Furniture

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