New Delhi: 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 the development of infrastructure projects, which included designing, engineering and executing/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 a 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. (PTI)
