INVC NEWS

New Delhi,
The Central Bureau of Investigation has registered four separate cases related to Bank Fraud of around Rs. 940 crore(approx) and conducted searches in each case.

            One of these cases was registered on complaint from Bank of India against a private company based at Ahmedabad (Gujarat) & others including its Directors, unknown public servants & unknown others on the allegations of causing loss of Rs. 631.97 crore (approx.) to Bank of India in the matter of various credit facilities.  It was further alleged that during the period 2012 to 2016, the Directors of the borrower company were enjoying Fund based & Non-Fund Based credit facilities from Bank of India. The Forensic Audit of the company (conducted by the bank) revealed that the company was allegedly  involved in diversion / siphoning off funds through its subsidiary / associate companies which were having common Directors. The company was also allegedly involved in transactions with suspicious dealers involved in issuing false bills without actual delivery of goods. It was also alleged that the company started facing liquidity problems and failed to pay the dues to the bank. Subsequently the account was classified as Non Performing Assets (NPA) with outstanding amount of Rs 631.97 crore (approx.), thereby, causing loss to the Bank of India.

            CBI conducted searches at 06 locations in Ahmedabad (Gujarat) at the premises of accused including private company which led to recovery of Incriminating documents.

            The second case was registered against a private company based at Prakasam (Andhra Pradesh) & others including its Chairman; 05 Directors, two more firms; unknown public servants & unknown private persons on complaint from Union Bank of India, Vishakhapatnam (Andhra Pradesh). It was alleged that the said private company and its Directors in conspiracy with others fraudulently availed credit facilities by submitting false/ manipulated financial statements, diverted loan proceeds and thereby caused loss of Rs. 228.02 crore (approx.) to the Bank.

            Searches were conducted at 8 places including in Prakasam District, (Andhra Pradesh) which led to recovery of incriminating documents.

            The third case was registered against a private company based at Banjara Hills, Hyderabad, (Telangana) & others including its Directors; private persons unknown public servant(s) and private person(s). It was alleged that during the period 2014 to 2017, the said company represented by its Directors availed loans from Bank of Baroda, Khairatabad Branch, Hyderabad on the basis of inflated project cost; diverted loan funds for other than business activities & for personal gains; submitted false & fabricated stock statements to the Bank to conceal their irregularities; wilfully defaulted in repayment and caused loss to the tune of Rs. 44.60 crore (approx.) to bank.

            Searches were conducted at 3 places including in Hyderabad which led to recovery of several incriminating documents.

            The fourth case was registered on complaint from Punjab National Bank against a private company based at Raisen (Madhya Pradesh) & others including its Directors; unknown public servants & unknown others on the allegations of causing loss of ₹ 35.55 crore (approx.) to the Punjab National Bank in the matter of various credit facilities. It was alleged that during the period 2012 to 2016, the Directors of the borrower company in conspiracy with others induced Punjab National Bank to sanction facilities including Cash Credit and Term Loan.  It was further alleged that the borrower company disposed off fixed assets at meagre prices and the funds so received were diverted by the Directors of the borrower company. The account of the company was declared as NPA due to non payment of interest /installments, thereby causing an alleged loss of Rs. 35.55 crore (approx.) to the Bank.

            Searches were conducted at 03 locations in Raisen, Bhopal (Madhya Pradesh) at the premises of the accused including private company which led to recovery of incriminating documents.

            Investigation in all the cases is continuing.

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