new delhi the central bureau of investigation on thursday filed a case against officials of united india insurance company ltd deccan chronicle holdings ltd its chairman t venkatram reddy sebi approved care rating agency and industrial development finance company ltd idfc for allegedly cheating the united india insurance of rs 3054 crorecbi has also named cfo of idfc sunil kakkar and ceo of care rajesh mokashi in its firit is alleged that a balasubramanian former deputy general manager of uiics investment department chennai and k l kunjilwar exchief manager made suspicious investments in the privately placed short term unsecured redeemable nonconvertible debentures issued by dchl in 2011 in violation of the regulations instructions and procedures cbi says that the same was not repaid by deccan causing a loss of rs 305425350uiic was investing the premium collected from the policyholders during the ordinary course of business in the form of shares debentures commercial papers term loan etc in the public and private sector companies as per the investment policy guidelines prescribed by its board based on the rules and regulations of insurance regulatory and development authority of india irdathese investments were based on the rating made by sebi approved rating agency ms carebetween july and october 2011 cbi says three office notes were put up by kunjilwar for investment of rs 10 crore each in 1125 unsecured nonconvertible debentures issued by dchl for purchase of short term unsecured debentures with 364 days maturity without analyzing the proposal in detail and the same was approved by balasubramanianthe investments were made on three different occasions deliberately to bypass the investment committee of uiic this uiic invested rs 30 crores in dchl and it relied on the rating of care it had not done any separate risk analysisdue diligence apart from care rating pr1 it has not obtained any appraisal report from any financial institution the entire debenture issue was made under private placements through the sole arranger ms idfc limited said cbiat the time of investment in 2011 the rating awarded by care was pr1 and at the time of redemption in 2012 it was drastically downgraded to d adds cbicbi further says that on the date of maturity the principal amount with interest was not repaid by dchl dchl had issued three cheques of rs 10 crore each which were dishonoured when presented for encashmentabout dchl cbi says the borrowing powers of the company was increased from rs 700 crore to rs 1000 crore in the annual general meeting of the company in september 2007 and from rs 1000 crore to rs 5000 crore in next agm in february 2013 it is revealed that as on date of the issue of debentures the companys total borrowings were rs 375570 crore said cbi