The Central Bureau of Investigation (CBI) on Thursday, January 12, filed an FIR against Mumbai-based Pratibha Industries Ltd and its four directors/guarantors for defrauding a Bank of Baroda-led consortium of 17 banks to the tune of Rs 4,957 crore, according to officials.

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According to a CBI spokesperson, the company was involved in the development of various infrastructure projects, which included complex, integrated water transmission and distribution projects, water treatment facilities, mass housing projects, precast design and construction, road construction, and urban infrastructure, among others.

The accused is suspected of diverting a sizable sum of money from the borrower firm to its affiliates and subsidiaries, and subsequently, these advances were written off by the company, according to the officials.

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