They have been accused of cheating Canara Bank of ₹198 cr.
The CBI has registered a case against Unitech Limited, its then managing director Ramesh Chandra, and his sons, Sanjay and Ajay, for allegedly cheating the Canara Bank of ₹198 crore. Mr. Chandra’s sons were directors in the company, which had been dealing with the bank since 1971 and had availed itself of various credit limits under multiple-banking arrangement.
In June 2015, the regular limits were renewed for a year and continuation of bank guarantee limit of ₹64.99 crore allowed till its expiry. However, the company did not submit the renewal papers. The bank permitted three months of temporary relaxation, restricting the non-fund-based working capital limit to ₹250 crore.
However, the company did not clear the outstanding. As on May 28 this year, the liability stood at ₹198.09 crore and the contractual liability was ₹95.88 crore. The bank moved the Debut Recovery Tribunal. The account was classified as…