CBI files six charge sheets against Zoom Developers in Rs 558 crore bank frauds
The CBI has filed six separate chargesheets in as many cases of alleged bank frauds worth Rs 558.16 crore by Mumbai-based Zoom Developers, officials said on Monday.
Besides the company, the CBI has chargesheeted its promoters and directors Vijay M Choudhary, Sharad Tikamdas Kabra, chartered accountant Shailesh Thakkar, Ramesh D Ajmera and Sovan Dasgupta in five chargesheets, while in one Manjiri Choudhary has been named as accused among them.
It is alleged that the company worked abroad through 'aggregators' who leased it out the work of scraping or relocating factories and plants, they said.
This work was granted on the basis of guarantees from Zoom Developers issued by banks abroad which were given on the basis of such guarantees from Indian public sector banks, they said.
The payments from aggregators lessened the bank liabilities, they said.
The CBI has alleged that the mobilisation advances received from the aggregators were utilised by Zoom in speculative activities not declared