CBI files case against private firm for cheating banks
Apr 13, 2022
Mumbai (Maharashtra) [India], April 13 : After receiving a complaint from IDBI Bank Ltd, Colaba, Mumbai, the Central Bureau of Investigation registered a case against a private company, informed the officials on Wednesday.
The case has been registered against the organisation's manufacturing units at Dewas, (Madhya Pradesh); Jhagadia Industrial Estate, Bharuch (Gujarat) and a registered office in Mumbai and 14 others including its Promoters/Directors and unknown public servants and private persons.
"It has been further alleged that the said private company was engaged in the business of manufacturing high-value fine cotton fabrics and home textiles. It was further alleged that the said company and its Promoters/Directors in conspiracy with others committed fraud by availing various credit/ loan facilities from a consortium of banks led by IDBI Bank Ltd. and misusing/ diverting the bank funds during the period 2012 to 2018, and thereby causing loss of Rs. 1,245.15 Crores (approx) to the banks," informed the officials in an official statement.
The complaint was filed by the IDBI Bank Ltd. and also on behalf of four other member banks of the consortium, namely, Central Bank of India, The Jammu and Kashmir Bank Ltd, Punjab National Bank and Indian Bank.
Searches were conducted at 13 locations including in Maharashtra, Gujarat, and West Bengal at the premises of the accused which led to the recovery of incriminating documents.
Further investigations are underway.
