Indian company defrauds banks despite Indian ECA caution list

(Financial Express, New Delhi, 5 April 2018) The CBI today said it had registered a criminal case against a Vadodara-based company dealing in electric cable and equipment and its directors for allegedly cheating various banks to the tune of Rs 2,654 crore (US$400 million). The company and its directors managed to get the term loans and credit facilities in spite of the fact that they were named in the Reserve Bank of India’s defaulters list and ECGC (Export Credit Guarantee Corporation) caution list at the time of the initial sanction of credit limits by the consortium, the agency alleged.