Interim Order 13

Order Details: COPY OF ORDER
Pdf Text: CBI vs. M/s ALLIED STRIPES LTD. & ORS. Page No. 1 of 5
CC No. CBI/88/2024
RC-E0003 2022
CBI Vs. M/s Allied Stripes Ltd. & Ors.
23.01.2026
Present: Sh. Arjun Anand, Ld. PP for the CBI.
IO/ASP Gulshan Mohan Rathi, CBI, EO-I, New
Delhi in person.
1. Matter is listed today for consideration on the charge sheet.
2. Submissions on the point of cognizance have been heard.
3. IO has filed an application for submission of documents
received from CFSL and additional list of witnesses. Same are
taken on record.
4. The present FIR came to be registered on 30.03.2022 in EO-I
Branch of CBI, New Delhi u/s 120-B r/w 406, 411, 421, 468, 471
IPC and Sec 13 (2) r/w 13 (1)(d) of PC Act 1988 and substantive
offences thereof. On the basis of a written complaint dated
05.03.2022 of Sh. M. Paramasivam, Chief General Manger, Canara
Bank, Circle Office, New Delhi. That it has been alleged in the
complaint that M/s Allied Stripes Ltd (M/s ASL was engaged in
manufacturing of Cold Rolled Steel Stripes and Hot Rolled Steel
Coils (A-1). M/s Allied Stripes Ltd. through its Directors namely
Sh. Mohinder Agrawal (A-2), Sh. Gaurav Agrawal (A-3) and Smt.
Sunita Agarwal (A-4) availed fund based and non-fund based limits
from consortium of five banks led by Canara Bank and other
member banks viz. Punjab National Bank, Oriental Bank of
Commerce (now PNB), Dena Bank (now Bank of Baroda) and
UCO Bank (which has not given consent for CBI Investigation),
sanctioned against hypothecation of stocks and book debts,
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CBI vs. M/s ALLIED STRIPES LTD. & ORS. Page No. 2 of 5
mortgage of properties and personal guarantee of the
Directors/accused persons, charge on immovable properties and
pledge of shares of group companies which have also offered
corporate guarantee to secure the credit facilities. Later, the account
of the company was declared as fraud by the consortium banks to
the tune of Rs. 1392.86 Crores (outstanding liability including
contractual ins and Rs. 697.36 Crores principal liability). The
company has without any written arrangement made the advances
to the vendors and also written off bad debt to the tune of Rs. 31.55
crores in March 2015 and had also made an illicit transfer of Rs. 7.5
crore to M/s Highco Engineers Pvt. Ltd. The fake account of M/s
Highco Engineers Pvt. Ltd. was opened by accused Bikash
Mohapatra (A-11), Supriya Roy (A-12) and Pankaj Kumar Kedia
(A-13). The said amount from M/s Highco Engineers Pvt. Ltd. was
diverted into the accounts of M/s Neha Enterprises and M/s Ocean
Trading Company which was opened by accused Aditya Kumar
Kedia (A-14). It is further alleged that M/s Allied Stripes Ltd.
defaulted in payment of interest & installments, diverted the funds
through fake debtors, misappropriated the funds, illegally written
off bad debts and malafidely transferred assets charged to the bank,
thereby causing loss of Rs. 697.36 Crores to the banks.
5. During investigation, it was revealed that A-1 to A-4 entered
into criminal conspiracy with each other to cheat the complainant
bank and its member banks and purchase land at Bahadurgarh
despite specific terms and conditions of loan sanctioned to A-1 that
loan amount shall not be used for acquiring fixed assets or for long
terms requirements without the consent of the banks.
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CBI vs. M/s ALLIED STRIPES LTD. & ORS. Page No. 3 of 5
6. Investigation further revealed that an amount of Rs. 2.25
crores was given to M/s Action Realtors Pvt. Ltd. (now M/s AGV
Realtor Pvt. Ltd.) without any business transaction and it has been
shown as an advance given for aggregation of lands which has been
forfeited by M/s Action Realtors Pvt. Ltd., which shows diversion
of funds by A-1. Investigation further revealed that an amount of
Rs. 50 lakhs were diverted in the account of M/s Bluetail
Technology Pvt. Ltd. through M/s Consortium Finance Resources
Ltd. and in M/s Bluetail Technology Pvt. Ltd., A-2 and A-3 are
Directors. Investigation further revealed that an amount of Rs.
11.88 crores were diverted in the account of M/s Eurekus
Infrastructure Pvt. Ltd. as an advance properties of land which was
forfeited by M/s Eurekus Infrastructure Pvt. Ltd. and no case has
been filed by A-1 within the limitation period to recover the same.
7. Investigation further revealed that an amount of Rs. 5.87
crores were diverted in the account of M/s HNS Pvt. Ltd. as an
advance for purchase of land which was forfeited by M/s HNS Pvt.
Ltd. Investigation further revealed that an amount of Rs. 5.45 crores
were diverted in the account of M/s Jubiliant Malls Pvt. Ltd. for
developing township on the land in partnership, however, the said
amount was forfeited by M/s Jubiliant Malls Pvt. Ltd. on account of
failure of A-1 in making remaining payment for purchase of land.
8. Investigation further revealed that an amount of Rs. 1.5
crores were diverted in the account of M/s Umesh Developers Pvt.
Ltd. towards booking of flat in their project ‘Ojas Grand’ at
Zirakpur, however, the said amount was refunded in cash, which
shows diversion of money by making payment through bank and
receiving refund in cash. Investigation further revealed that an
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CBI vs. M/s ALLIED STRIPES LTD. & ORS. Page No. 4 of 5
amount of Rs. 8.2 crores were diverted in the account of M/s
Unisys Software and Holding Industries Pvt. Ltd. (US and HIPL) as
an advance for purchase of shares, however, no shares were issued
to A-1. An amount of Rs. 5.2 crores was returned in cash by US
and HIPL and rest of Rs. 3 crores were returned by banking
channel, which shows diversion of money by making payment
through bank and receiving refund in cash. Investigation further
revealed that A-1 has purchased six shell companies namely M/s
Sweta Agrochem Pvt. Ltd. (A-5), M/s Diksha Viniyog Pvt. Ltd.
(A-6), M/s Survi Commotrade Pvt. Ltd. (A-7), M/s Prominent
Vyapaar Pvt. Ltd. (A-8), M/s Chandramukhi Vinijya Pvt. Ltd.
(A-9), M/s Sai Sahara Commercial Pvt. Ltd. (A-10) at Kolkata for
Rs. 131.29 crores through Sushil Purohit, Sh. Dhruv Narayan Jha
and Ajay Goel. However, IO has made Sushil Purohit, Dhruv
Narayan Jha and Ajay Goel as witness at Sr. No. 71, 72 and 74
respectively in the list of prosecution witnesses despite the fact that
they are also the part of conspiracy with accused A-1 to A-3.
Investigation further revealed that an amount of Rs. 7,61,86,465/-
were diverted for booking 13 shops/offices in DLF Towers, Shivaji
Marg, New Delhi. 11 shops/offices out of 13 were secured by
taking another loan of Rs. 14,06,38,535/- from Tata Capital Finance
Share Ltd. and the said loan was recovered by Tata Capital by
selling these 11 shops. Investigation further revealed that an amount
of Rs. 18,00,59,604/- was diverted in the project of M/s Suncity
Projects Pvt. Ltd. as share application money. Investigation further
revealed that an amount of Rs. 45 lakhs was forfeited by M/s ABW
Suncity out of diverted amount of Rs. 6.65 crores due to default by
A-1 in its commitment. Investigation further revealed that a huge
amount was diverted on account of fake/inflated debtors.
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CBI vs. M/s ALLIED STRIPES LTD. & ORS. Page No. 5 of 5
9. From the charge-sheet and the investigation carried out, there
is sufficient material on record to take cognizance for commission
of offence under Section 120-B r/w 406, 420, 468 and 471 of IPC
& substantive offences thereof against accused M/s Allied Stripes
Ltd. (A-1), Mohinder Kumar Aggarwal@ M.K. Aggarwal (A-2),
Gaurav Aggarwal (A-3), Sunita Aggarwal (A-4), M/s Sweta
Agrochem Pvt. Ltd. (A-5), M/s Diksha Viniyog Pvt. Ltd. (A-6),
M/s Survi Commotrade Pvt. Ltd. (A-7), M/s Prominent Vyapaar
Pvt. Ltd. (A-8), M/s Chandramukhi Vinijya Pvt. Ltd. (A-9), M/s Sai
Sahara Commercial Pvt. Ltd. (A-10), Bikash Mohapatra @
Prashant (A-11), Supriya Roy (A-12), Pankaj Kumar Kedia (A-13)
and Aditya Kumar Kedia (A-14), Sushil Purohit (A-15), Dhruv
Narayan Jha (A-16) and Ajay Goel (A-17).
10. Let all the abovesaid accused persons be summoned for the
NDOH. Notice be also issued to the IO for filing sufficient copies
of the charge-sheet and accompanying documents for compliance
of Section 207 CrPC/230 BNSS, 2023.
11. Put up for appearance of accused persons/further proceedings
on 28.02.2026.
(Mayank Goel)
ACJM-02-cum-ACJ
RADC/New Delhi/23.01.2026
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