In the heart of New Delhi, on the 24th of August, a significant legal event unfolded. The Central Bureau of Investigation (CBI), renowned for upholding the law, formally registered a First Information Report (FIR). This FIR initiates legal proceedings against Visa Power, a corporate entity, and its former leader, Vishambhar Saran. Allegations of their involvement in a complex financial deception, amounting to a staggering sum of Rs 1,964 crore, have prompted this legal action. Authoritative sources revealed this development on a Thursday, underscoring its gravity.
The CBI’s prompt action followed a formal complaint lodged by Punjab National Bank (PNB). An integral part of a consortium of fourteen lenders, PNB played a pivotal role in granting substantial term loans totaling Rs 1,964 crore. Notably, PNB, as the principal lender within the consortium, approved a loan of Rs 394 crore.
The core of the complaint revolves around the alleged machinations of the accused parties. Represented by former chairman Vishambhar Saran, along with directors Vikas Agarwal and Subrato Trivedi, the corporation is accused of orchestrating a deliberate scheme. This scheme aimed at securing loans from the financial institution for the advancement of a coal-based thermal power project. The project was envisaged to generate an impressive 1,200 MW of energy. Situated in Raigarh, Chhattisgarh, this project stood as their ambitious endeavor.