New Delhi, Jul 7 (PTI) The CBI has filed an FIR against Anil Limited, an Ahmedabad-based starch manufacturer incorporated in 1939, and its directors for allegedly cheating a consortium of five banks and IFCI to the tune of Rs 710.85 crore, officials said Thursday.

In its FIR filed under IPC sections related to criminal conspiracy, forgery, cheating and criminal misconduct, the CBI has named the company and its Directors Amol Shripal Sheth, Kamalbhai R Sheth, Anish K Shah, Indira J Parikh, Dipal Palkhiwala, Anurag Kothawala, Shashin A Desai and unidentified public servants.

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The company was banking with Bank of India (lead consortium member) since 1958 and enjoyed a term loan facility of Rs 12 crore from it in 2006.

The company had decided to expand its operation when a consortium was formed to fund its growing financial needs, they said.

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It was enjoying aggregate credit limit of Rs 753.70 crore from a consortium of banks led by Bank of India as per last approved limits in 2014, they said.

The company also availed credit facilities from financial institutions outside the consortium like IFCI which has an outstanding of Rs 113.34 crore plus uncharged interest.

IFCI has given mandate to Bank of India to file the complaint against the company on its behalf, they said.

The company did not service interest and installment for its term loans and other accounts with BOI as well as other member banks in timely manner resulting in account turning into a non performing asset on March 31, 2016, they said.

The forensic audit detected several financial malpractices in the company's account and it was declared fraud, they said.

Four of the five banks led by Bank of India and IFCI approached the CBI claiming that loss of tune of Rs 597.51 crore to banks and Rs 113.34 to IFCI, excluding uncharged interest, has been caused to them, the CBI FIR has alleged.

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