The CBI carried out searches at three locations in Mumbai on Sunday after registering an FIR against Pune Buildtech Private Limited and its directors for alleged bank fraud of Rs 30 crore at the Punjab National Bank from 2013 to 2016, officials said.
The searches were carried out at the premises of developers Ishaq Yusuf Balwa and Javardhan Vinod Goenka and Pune Buildtech Private Limited, formerly known as Dynamix Balwas Resorts Private Limited, in Mumbai, they said.
Dynamix Balwas Group had faced a CBI investigation in the 2G spectrum allocation case, but all defendants were acquitted by a special tribunal.
The new case concerns Pune Buildtech Private Limited, which was established in 1997 to build five-star hotels and resorts. The company is a wholly owned subsidiary of DB Hospitality Pvt. Ltd., which is promoted by Balwas Group and Dynamix Group, had said the Punjab National Bank in its complaint, which is now part of the FIR.
He had planned a five-star hotel in Yerwada, Pune, financed by PNB (Rs 102 crore) and Allahabad Bank (now Indian Bank) (Rs 102 crore).
PNB had disbursed Rs 30.50 crore till 2011, after which all further disbursement was stopped. ”Subsequently, the project was delayed due to the delay in getting clearance from the Pune Municipal Corporation and the company’s developers were allegedly involved in the 2G spectrum case. Further disbursements were stopped by the bank. There has been no ongoing construction activity since 2011,” the bank said.
The project was abandoned and then converted into a residential tower project for which the company approached Bank of India in 2013 and loans were granted.
PNB took no additional exposure but adjusted the old account for residential construction.
The account became a non-performing asset (NPA) again in 2016 as it failed to implement the project. The bank then declared the account fraudulent and filed a complaint with the CBI, which registered the FIR.
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