CBI books Mumbai firm in Rs 4,957 cr bank fraud

New Delhi, Jan 12 (PTI) The CBI has filed an FIR against Mumbai-based Pratibha Industries Ltd and its four directors/guarantors for duping a Bank of Baroda-led consortium of 17 banks to the tune of Rs 4,957 crore, officials said Thursday.

The company was into development of infrastructure projects, which included designing, engineering and execution/construction of complex, integrated water transmission, distribution projects, water treatment plants, mass housing projects, precast design and construction, road construction and urban infrastructure, etc, a CBI spokesperson said.

It is alleged that the accused had diverted huge amount of money from the borrower company to its related parties and subsidiaries and subsequently, these advances were written off by the company, the officials said.