On day 5 of the mega NewsX campaign against Non-profit Assets(NPA), we got into the depth of case 8 and investigated Allied Perfumers Pvt Ltd and how they have cheated banks by running shell companies. The address of the company is 607, Padma Towers, New Rajendra Place, Delhi and it is responsible for a scam worth Rs 50 crore. The promoters Sanjay Jain and Rajeev Jain set up a string of 17 companies under the banner of Surya Vinayak Group. Incidentally, Surya Vinayak Industries has figured in the list of our NPA list thrice for loans taken from State Bank of Travancore, Punjab National Bank and State Bank of Mysore.
The company, which began in 2000 owes State Bank of Travancore Rs 50 crore. It had its last AGM in September 2011, while its last balance sheet was filed in March 2011. The website shows that company accounts are now closed. The ROC records state that the company took two loans from State Bank of Travancore from 2009 to 2011 and they have been paid but our investigation shows that the company last filed a balance sheet in 2011 so the question is when were the loans paid. The company did not exist when we visited the address. In fact, a different company was running there whose employees were not interested to talk. This shows how shell companies are created and how banks are duped. By the time law gets hold of the culprits, loss of crores is already suffered.
According to records, in 2019, Jain brothers were arrested by CBI for cheating many banks . The investigation reveals that they used more than 100 shell companies for diverting the bank fraud. They are out on bail. As per reports, the credit facilities given to Surya Vinayak were over Rs 2, 200 crores on a collateral of only Rs 11 crores. We are unable to get any response from the company despite several efforts. The main question is how will it pay back the loan of Rs 50 crore when it does not even exist?