CBI Investigates Visa Power for Alleged Bank Fraud of 1.964 Billion Rupees
The Central Bureau of Investigation (CBI) is investigating Visa Power and its former chairman, Vishambhar Saran, for allegedly defrauding banks of 1.964 billion rupees. The CBI has registered a case against Visa Power, Saran, and two other individuals, Vikas Agarwal and Subrato Trivedi.
The CBI alleges that Visa Power and the three individuals conspired to cheat banks by diverting funds meant for a coal-based thermal power project in Raigarh, Chhattisgarh. The project was supposed to have a capacity of 1,200 megawatts and was financed by a consortium of 14 banks. However, the project was never completed and the loans were not repaid.
The CBI claims that the accused individuals caused losses of 1.964 billion rupees to the banks, plus interest. The CBI is also investigating whether the accused individuals committed forgery and falsification of documents.
The CBI has issued a lookout notice for the accused individuals, which means that they will be prevented from leaving the country. The CBI is continuing its investigation into the case.