Gandhinagar: The Central Bureau of Investigation (CBI) has filed a case against Jaihind Projects Ltd (JPL), a Gujarat-based company, after receiving a complaint of fraud involving loans amounting to Rs 627 crore taken from five banks, including IDBI.

JPL, located on the third floor at Venus Atlantis near Prahladnagar garden, and its directors Chetan Tolani, Gaurav P Hinduja, and unidentified government officers and employees have been booked for the alleged fraud. On 17th March 2022, IDBI bank general manager Rahul Sinha filed a complaint at Delhi CBI stating that JPL had undertaken projects involving the installation of gas, oil, water, and chemical pipelines. IDBI bank approved Rs 65 crore for the Morbi Mundra pipeline (MMPL) project on 2nd July 2008, which was under Gujarat State Petronet Ltd (GSPL).

On 19th February 2009, IDBI bank approved Non-Fund Based (NFB) credit facilities worth Rs 178.55 crore for the Jafrabad pipeline project, also under GSPL. Other banks, namely State Bank of India, Bank of Baroda, Canara Bank, and Indian Bank, had also given loans worth crores of rupees for the project. IDBI bank and the four other consortium banks declared JPL’s account NPA for not paying the loan amount.

The directors of JPL had allegedly diverted the funds, as revealed in the forensic audit conducted by the banks. The claims of payment were made in some cases, but the documents demanded by the banks and forensic auditors were not submitted. DeshGujarat

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