Ardor Global Pvt Ltd involved in the case of bank fraud. In its four FIRs, the agency has listed four loans in which Central Bank. It had faced losses of Rs 47 crore and Rs 39 crore while BoI faced losses of Rs 98 crore and Rs 112 crore
In what could be next big bank fraud, the Central Bureau of Investigation (CBI), in last eight days, has registered four cases against Ahmedabad-based group, Ardor Global Pvt Ltd (AGPL), and its promoters for allegedly cheating Bank of India (BoI) and Central Bank of India in different loans totaling around Rs 300 crore.
However, a forensic audit conducted by consortium of banks revealed in 2018 that there were suspicious routing of funds worth Rs 10,303 crore between 2014 and 2016 in various companies by Ardor Global Pvt Ltd, which was earlier known as Chem-Edge International Private Ltd (CEIPL).
In its four FIRs, the agency has listed four loans in which Central Bank had to face losses of Rs 47 crore and Rs 39 crore while BoI faced losses of Rs 98 crore and Rs 112 crore.
Since, the Ardor Global Pvt Ltd officials were the main accused in the case. Interestingly, CBI had registered two case against the group companies in 2019 as well for cheating Bank of Baroda (BoB) of Rs 39 crore and Rs 68 crore respectively. In June 2018,another FIR registered group. It cheated the Central Bank of India for Rs. 82 crore.
According to a forensic audit carried out by M/s Ravi Ranjan & Co appointed by the banks, which is now part of CBI latest FIRs, several banking transactions have been found between the entities linked directly or indirectly to Ardor Group. The forensic report told that a rotation of Rs. 10,303 crore is collected from Ardor Global Pvt Ltd and M/S ardor International Pvt Ltd. These two companies transferred payments to few entities that aggregated to Rs. 12,178 crorebetween April 2014 and December 2016. In June 2018, the audit was submitted. Hence, it further transferred the money to the debtors of AGPL according to the receivable audit. In return these parties transferred funds to AGPL aggregating to Rs. 10,303 crore.
The substantial baking transactions taking place in between the few known entities. It created a doubt about authenticity of transaction.
It further added that the debtors of AGPL are not realizable and also there are no stocks. The debtors received the letter from the bankers. But no fund realized yet. thereby, creating a doubt on the genuineness of the debtors,” it says.
The company representatives or its lawyer could not be located by HT.
The agency probed some big ticket fraud that involved big business man like Nirav Modi, Mehul Choksi etc.