9th October, 2019
CBI case against chairman and managing director (CMD) and chief executive officer (CEO) of Mumbai-based ground handling company 'Livewell Air Team Private Limited' (LATPL) in a case of fraud worth Rs 70 crore with State Bank of India Has entered He had forged documents in the bank to get the loan and later did not repay the loan.
Officials said on Wednesday that apart from the company, its CMD Manek Davar and CEO Burjin Davar have also been named in the FIR. The CBI alleges that the company and its directors conspired between 2015 and 2017 for fraud and forgery with SBI.
The investigative agency's website claimed that the company has networks in the UK, UAE, Malaysia, and Singapore besides India. In 2010, it was the first company to do ground handling of Airbus A380 at Terminal-3 of Delhi Airport.
61 thousand crore loan from SBI-
The CBI alleges that the directors of the company had forged documents and fake signatures of an auditor on financial statements to take loans from the bank. On the basis of this, he took a loan of Rs 61 crore from SBI.
Later, SBI had appointed an auditor to conduct a stock audit of the company which caught several irregularities and fraud cases. The company had shown its auditor to 'Sanjay Jha & Associates' and used the financial statements of 2015-16 to take a loan. But in January 2017, the said auditor informed the bank that they are not auditors of LATPL nor did they sign the financial statements. These financial statements were used to obtain more than the renewal and sanctioned amount of debt.