The CBI alleged that DPIL, which manufactures electric cables and equipment, is promoted by S N Bhatnagar and his sons Amit Bhatnagar and Sumit Bhatnagar, who are also the executives of the firm.
The loan, it said, was declared a non-performing asset in 2016-17.
It is alleged that DPIL, through its management, (had) fraudulently availed credit facilities from a consortium of 11 banks (both public and private) since 2008, leaving behind an outstanding debit of Rs 2,654.40 crore as on June 29, 2016, it said.
The company and its directors managed to get the term loans and credit facilities, in spite of the fact that they were named in the Reserve Bank of India's defaulters list and ECGC or export credit guarantee corporation caution list at the time of the initial sanction of credit limits by the consortium, the agency alleged.
It is alleged that the firm, with active connivance of officials from various banks, managed to get enhanced credit facilities.
According to the CBI, the company had been allegedly submitting false stock statements to the lead bank by treating receivables more than 180 days (non-current asset) as less than 180 days (current asset) to get more drawing power in their cash credit accounts.
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