Indu-Bharat Power .. Rs 1,000 crore debt cheating
The Delhi Police have registered a case against the Ind-Bharat Power (Madras) Ltd (IBPML) and Ind-Bharat Power Infrastructure (IBPIL) companies and firm directors operating in Hyderabad. Delhi Police Financial Crimes Division (EOW) has registered cases under various sections of the Public Sector Enterprises Corporation of Power Finance Corporation (PFC), Rural Electrification Corporation (RICE) and India Infrastructure Finance Company Limited (IIFCL). These companies, directors and their companies have allegedly lobbied for Rs 1,000 crore loan from banks and financial institutions in the name of electricity projects. In 2006, Indu Bharat Power Infrastructure Ltd set up a 660 MW thermal power project in Tuticorin district of Tamil Nadu.
Rs 947.71 crore has been sanctioned for this project by PFC, REC, IIFCL. In fact, the project is scheduled to be completed by June, 2016. However, the project structure has not completed more than 20 per cent since promoters pumped these loans to other needs. Thus, the loan granted by the RIC to the project has become a niche debt (NPA) since December 31, 2016. On the 3rd of this month, the PCC-led consortium complained to the Financial Crimes Division when the loans were not collected. Their complaint alleged that the loans taken for the project were fraudulent to other accounts. The Delhi Police had registered cases under the IPC 420, 406 and 120B of the IPC, along with Raghurama Raju, director of the two companies, along with Madhusoodan Reddy.