The Central Bureau of Investigation (CBI) has registered FIR against directors of GTL Ltd and others for allegedly defrauding a consortium of banks of around Rs 4,500 crores.
The FIR into the matter reads that a written complaint has been submitted by a CBI inspector against M/s GTL Ltd., its unknown Directors, unknown Bank officers/Public servants and unknown private persons including vendors and beneficiary group companies pursuant to a Preliminary Enquiry conducted by him. The fraud allegedly took place between the year 2009-2012.
The complaint has revealed that GTL Ltd. had fraudulently obtained various credit facilities from consortium banks and subsequently diverted/siphoned off the majority of the loan amount in conspiracy with its vendors, unknown bank officers, etc.
As per the allegations, the various vendor companies were created and operated with the malafide intention of siphoning off the bank’s short-term funds and other credit facilities in connivance with the borrower i.e. GTL Limited.
The enquiry has revealed that Short Term Loan amounts and other loan facilities were obtained by M/s. GTL Limited for the aforesaid business activities Such facilities were obtained by misrepresentation that all such loan amounts shall be utilized for the purpose of business activity of M/s GTL Limited.
But soon after disbursement, the majority of the loan amount was not utilized for the purpose for which it was granted. Thus, M/s. GTL Limited cheated the lenders and thereafter misappropriated the funds of the lenders.
As per the FIR, huge advances were given to the purported vendors and a substantial amount of such advance payments is outstanding and part has been routed back to GTL Ltd by the vendor entities after appropriating for purported marginal supply by the vendors.
GTL Limited is engaged in the business of providing telecom network deployment services, operations and maintenance services, professional services, network planning and design services and energy management services to telecom operators in India and international markets. Mr Manoj Tirodkar and Global Holding Corporation Pvt Ltd (GHC) are the Promoters of the Company, the FIR reads.