How did govt agencies crack Diamond Power Infra-s Rs 2650 crore fraud?

Few days back, the whole nation woke up to the news of the Central Bureau of Investigation (CBI) conducting raids against a Vadodara firm for a Rs. 2,654 crore fraud.

Diamond Power Infrastructure Ltd.and its directors were booked by the Central Bureau of Investigation (CBI) and the way CBI cracked this case is sheer commendable, the entire system acted swiftly which is quite exemplary.

Based on a tip-off, thePrime Minister's Office (PMO) directed the Ministry of Finance,CBI, and Enforcement Directorate (ED) to look into the matter. The agencies investigated the matter and the results of the investigation were promptly shared with various divisions of theFinance Ministry.

TheFinance Ministryalso came in action and directed the banks for full details and filing of the First Information Report (FIR). Then, the Bank Of India filed a complaint to theCBI, within a week. After this, theCBIraidedDiamond Power Infrastructure Ltd.and booked its directors.

According to sources, the company and its directors managed to get fraud loans and credit facilities, despite the fact that they were defaulters on the list of the Reserve Bank of India (RBI).