CBI lodges 4 separate cases in connection with Rs 940 cr bank fraud
A CBI official said that one of these cases was registered on a complaint from the Bank of India against an Ahmedabad-based private firm
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New Delhi, January 6: The Central Bureau of Investigation (CBI) on Thursday, said that 4 separate cases have been registered in connection with a bank fraud of around Rs 940 crore. After lodging the case, the agency conducted raids at premises of the alleged accused.
The second case was registered against an Andhra Pradesh-based private firm on complaint of the Union Bank of India, Visakhapatnam Branch. The company took a loan of Rs 228.02 crore on the basis of manipulated financial statements and diverted the cash to its associates. Searches were conducted at 8 places which led to recovery of incriminating documents.
The fourth case was registered on a complaint from Punjab National Bank against a private firm based at Raisen, MP, on allegations of causing loss of Rs 35.55 crore to Punjab National Bank on pretext of loan. CBI conducted search operations at 3 locations in Raisen at the premises of the accused, including a private company which led to the recovery of incriminating documents. Further probe in the matter is underway.
A CBI official said that one of these cases was registered on a complaint from the Bank of India against an Ahmedabad-based private firm, its directors, and unknown public servants for causing loss of Rs 631.97 crore to the bank. The official said that from 2012 to 2016, the Directors of the borrower company were enjoying Fund based and Non-Fund Based credit facilities from Bank of India. The bank found that the firm was allegedly involved in siphoning off funds through its associate companies, which had common Directors.
Central Bureau of Investigation has registered four separate cases related to bank fraud of approximately Rs 940 crores and conducted separate searches in Gujarat, Madhya Pradesh, Andhra Pradesh and Telangana in the respective cases.
— ANI (@ANI) January 6, 2022
The CBI official said, “CBI conducted searches at six locations in Ahmedabad at the premises of the accused, including the private company which led to the recovery of incriminating documents.”
The second case was registered against an Andhra Pradesh-based private firm on complaint of the Union Bank of India, Visakhapatnam Branch. The company took a loan of Rs 228.02 crore on the basis of manipulated financial statements and diverted the cash to its associates. Searches were conducted at 8 places which led to recovery of incriminating documents.
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The third case was registered against a Hyderabad-based private firm. It took loan from Bank of Baroda on basis of inflated projects and diverted the loan funds for other than business activities. They didn't repay the loan and caused a loss of Rs 44.60 crore to the bank.
The fourth case was registered on a complaint from Punjab National Bank against a private firm based at Raisen, MP, on allegations of causing loss of Rs 35.55 crore to Punjab National Bank on pretext of loan. CBI conducted search operations at 3 locations in Raisen at the premises of the accused, including a private company which led to the recovery of incriminating documents. Further probe in the matter is underway.