CBI registers FIR against GTL Limited and promoters
The Central Investigation Agency (CBI) has registered a case against GTL Limited, its directors and some unknown bankers in a loan fraud case of Rs 4,760 crore. It is alleged that these people have defrauded a group of banks by diverting the loan money.
The group comprises 24 banks. According to the probe agency, the company fraudulently obtained loans from the group and siphoned off most of its money in connivance with some bank officials and vendors. The alleged fraud took place between the years 2009-2012.
Investigation found that GTL used to give huge advance every year to some vendors, but no goods were supplied. Later these advance payments were provisioned. GTL was started in the year 1987 by Manoj Tirodkar of Global Group.
Of the banks in the group, ICICI Bank owes Rs 650 crore to GTL Limited, Bank of India Rs 467 crore and Canara Bank Rs 412 crore.
The Central Bureau of Investigation (CBI), which has registered a case against GTL Ltd. and its directors in a loan fraud of Rs 4,760 crore, said that in order to facilitate the fraud, the culprits used GTL Ltd. Many vendor companies were formed together with. The company had taken short term loans from ICICI, Bank of India and Canara Bank for certain business activities. Promised the bank that these money will be used only for the stated purposes.
But after receiving the loan money, most of the amount was not used by the company for the stated purposes, the CBI said. Thus, M/s GTL Ltd cheated the banks and subsequently misappropriated the money received from the banks, the CBI said in the FIR. GTL Limited is engaged in the business of providing services relating to deployment, operation and maintenance of telecom networks, etc., to telecom operators in India and international markets.
GTL Limited provides telecom network deployment services, operation and maintenance services, professional services, network planning and design services and energy management services to telecom operators in India and international markets. Manoj Tirodkar and Global Holding Corporation Private Limited (GHC), the promoters of the Company PLC/GT
