The Central Bureau of Investigation has filed a case against Educomp Solutions Limited’s (ESL)Managing Director and Guarantor Shantanu Prakash and Jagdish Prakash (a Guarantor).
The CBI said, “The borrowing company and its directors committed the acts of forgery, including valuable securities, used forged documents as genuine, diverted and siphoned off the bank’s funds.”
The complaint was lodged by the State Bank of India (SBI). ESL cheated SBI and also 12 other banks including the likes of Axis Bank, J & K Bank, Canara Bank, IndusInd Bank and others.
Searches were conducted at eight places, including office premises of ESL and Edu Smart Services Private Limited. The residential places of directors and guarantors were checked too.
What does Educomp do as a business?
The website of Educomp says, “Educomp creates and makes the best use of digital products and online solutions.” The company is based out of Gurgaon.