Ahmedabad, Apr 10 (PTI) A special CBI court today rejected the anticipatory bail plea filed by the owners of Vadodara-based Diamond Power Infrastructure Ltd (DPIL), which is accused of cheating banks to the tune of Rs 2,654 crore.

The plea filed by the promoter of the company Suresh Bhatnagar and his sons and directors Amit Bhatnagar and Sumit Bhatnagar was rejected by special CBI court judge N G Dave.

The accused had sought anticipatory bail after the CBI registered a criminal case against DPIL, alleging that through its management, the company had fraudulently availed credit facilities from a consortium of 11 banks since 2008, leaving behind an outstanding debt of Rs 2,654.40 crore as on June 29, 2016.

DPIL manufactures electric cables and equipment.

The hearing in the case concluded last Saturday.

The accused had told the court that the banks, from which they allegedly took loans and defaulted, had not filed a case, adding that the CBI was acting on the basis of oral information.

They also said that the CBI does not have the authority to file an FIR on its own.

The central investigative agency had opposed the plea saying the offence was of serious nature and related to a “heinous crime of systematic corruption”.

It had said that the accused, if let out on bail, could tamper with evidence, influence witnesses and flee from justice.

The CBI also alleged that the company and its directors managed to get term loans and credit facilities despite the fact that they were named in the Reserve Bank of India’s defaulters list and the Export Credit Guarantee Corporation’s caution list at the time of the initial sanction of credit limits by the consortium.

The probe agency had alleged that the firm, with active connivance of officials from various banks, managed to get enhanced credit facilities.

This is published unedited from the PTI feed.