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Case Registered against Abhay Lodha Topworth Mumbai based Company for Defrauding SBI of Rs 56.81 Crore

abhay lodha topworth, sbi fraud, sbi scam

The CBI on Tuesday said it had registered cases against three Mumbai companies, SBI officials and unidentified persons on the charge of defrauding the bank to the extent of Rs 136.93 crore.

CBI filed three cases against the Topworth group of companies and its director Abhay Narendra Lodha, Mahee Marketing Pvt Ltd and its directors Gajendra Sandim and Hemant Sanghvi and Harsh Steel Trade Pvt Ltd and its director Chetan Jitendra Mehta.

It also named former officials of SBI, including then AGM (additional general manager) Thyagaraju Inamanamelluri and then deputy managers Vilas Narhar and Sadanand Girkar in its first information report (FIR).

Topworth Group – Banks approach courts to recover debt

MUMBAI/KOLKATA: Additions to India’s bloated bad-loans inventory are unlikely to cease soon, with about a dozen lenders now approaching debt-recovery courts to recover a part of their estimated credit exposure of Rs 17,300 crore to Mumbai-based Topworth.

Lenders led by the State Bank of India (SBI) and Punjab National Bank (PNBBSE -2.80 %) are filing cases in the Mumbai debt recovery tribunal (DRT) –– either individually or as a consortium –– against Top worth Urja & Metals, Phoenix Impex and Poscho Steels for cumulative defaults of about Rs 3,200 crore, two people familiar with the matter told ET. Bank of Baroda has already filed a case against Topworth Pipes & Tubes in Mumbai DRT to recover Rs 356 crore.

Lenders are seeking quick recovery of loans to Topworth to prevent further deterioration in asset-quality. “All our credit exposure to this group is now marked as non-performing assets. We are taking legal action. We have filed cases at DRT Mumbai, while some more cases will be filed in the next two weeks,” said a senior PNB official. PNB has Rs 900 crore of exposure to Topworth.

Source – ET