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The CBI on Sunday conducted searches at three locations in Mumbai after it registered an FIR against Pune Buildtech Private Limited and its directors for alleged bank fraud of Rs 30 crore in Punjab National Bank during 2013-16, officials said.
The searches were conducted at the premises of promoters Ishaq Yusuf Balwa and Javardhan Vinod Goenka and Pune Buildtech Private Limited, earlier known as Dynamix Balwas Resorts Private Limited, in Mumbai, they said.
The Dynamix Balwas Group had faced a CBI probe in the 2G spectrum allocation case, but all the accused were acquitted by a special court.
The fresh case pertains to Pune Buildtech Private Limited, which was set up in 1997 to build five-star hotels and resorts. The company is a wholly-owned subsidiary of DB Hospitality Pvt. Ltd., which is promoted by the Balwas Group and the Dynamix Group, Punjab National Bank had said in its complaint, which is now part of the FIR.
It had planned a five-star hotel in Yerwada, Pune which was financed by PNB (Rs 102 crore) and Allahabad Bank (now Indian Bank) (Rs 102 crore).
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PNB had disbursed Rs 30.50 crore till 2011 after which further disbursement was stopped.
"Thereafter the project has been delayed due delay in obtaining clearance from Pune Municipal Corporation and also the promoters of the company were allegedly involved in 2G spectrum case. Further disbursement was stopped by the bank. There has been no construction activities in progress since 2011," the bank alleged.
The project was scrapped and later converted into a residential tower project for which the company approached Bank of India in 2013 and loans were issued.
PNB did not take any additional exposure but adjusted old account for residential building.
The account again turned non-performing asset (NPA) in 2016 as it failed to implement the project.
The bank then declared the account as fraud and gave the complaint to the CBI, which has registered the FIR.
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