Bhubaneswar: The CBI in Odisha has launched a manhunt for three top functionaries of Kolkata-based Visa Power Ltd (VPL) for allegedly defrauding a consortium of 14 banks, including one in the capital city, by siphoning and diverting funds to the tune of Rs 1,964 crore.
The central agency has registered a case on August 18 on the basis of a complaint lodged by Punjab National Bank (PNB), station square branch, Bhubaneswar, in Kolkata on June 18, 2021. The company’s Chairman Vishambaran Saran, Chairman and Managing Director Vikas Agarwal and Joint Managing Director Subrato Trivedi have been named in the FIR.
The PNB is the lead bank of the 14 consortium member banks that had reportedly lent money to the company between 2011 and 2016 for developing a coal-based thermal power project with a generation capacity of 1,200MW at Raigarh in Chhattisgarh. “The project was to be executed in two phases of 600MW each. Phase-1 was financed through the consortium of 14 lenders with PNB as the lead bank. A total of Rs 1,964 crore loan was sanctioned by the 14 banks, of which PNB released the maximum (Rs 394 crore),” the FIR read.
The execution of the project, however, was affected due to several factors, including including inability of promoters to bring their respective share for meeting the original project cost as well as revised project cost, expiry of coal linkage, expiry of power purchase agreement, delay in receipt of environmental clearance from ministry of environment and forests, delay in execution of lease deed for 74 acres of land with Chhattisgarh state industrial corporation ltd and delay in conduct of public hearings for the coal block. Subsequently, the accounts with respective banks were classified as NPA during 2015-16.
“The accused persons jointly hatched a conspiracy against the public sector banks with intent to cheat by diverting public money illegally to other sources. A look-out circular has been issued by Bank of India against the accused persons,” the FIR said.
The company officials were unavailable for comment.
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