CBI registers four separate cases against accused on allegations of bank fraud
Jan 12, 2023
New Delhi [India], January 12 : The Central Bureau of Investigation (CBI) registered four separate cases of complaints from Canara Bank, Punjab National Bank, IDBI Bank Ltd. and EXIM Bank respectively against the accused and others including a private company, its Director's, MD etc and unknown public servants/persons on the allegations of Bank Frauds of total Rs. 217.37 crore (approx), stated an official release.
The first case was registered against the private company and others including its Directors, MD etc and unknown public servants/unknown others on the allegations of defrauding e-Syndicate Bank (now Canara Bank) to the tune of Rs.30.49 crore (approx), as per an official release.
It was further alleged that the said private company which was in the business of pipe manufacturing and pipe coating, availed credit facilities from e-Syndicate Bank and thereafter diverted the funds into its subsidiary companies.
The second case was registered against a private company and others including its Directors, MD etc and unknown public servants/unknown others on the allegations of defrauding Oriental Bank of Commerce (now merged with Punjab National Bank) to the tune of Rs. 51.90 crores (approx).
It was further alleged that the said private company availed credit facilities in order to execute work orders received from GAIL and NTPC. It was also alleged that the accused deliberately siphoned off the money received from the projects of GAIL & NTPC without informing Oriental Bank of Commerce.
The third case was registered against said private company and others including its Directors, MD etc and unknown public servants/unknown others on the allegations of defrauding IDBI Bank Ltd. to the tune of Rs. 29.06 crores (approx).
It was further alleged that the loan received from the bank for various projects of the company was utilized for purposes other than for which it was sanctioned, like repayment of dues of other banks etc.
The fourth was registered against a private company and others including its Directors, MD etc and unknown public servants/ unknown others on the allegations of defrauding Export-Import Bank of India (EXIM Bank) to the tune of Rs.105.92 crore (approx), stated an official release.
It was further alleged that the accused availed credit facilities in order to execute work orders but deliberately diverted the money received for other purposes.
Searches were conducted today at 12 locations including Mumbai (8) and one each at Damn, Kutch, Noida and Delhi at the premises of the accused/entities which led to the recovery of incriminating documents/articles. During searches at the premises of the Whole Time Director of a private company in Mumbai, the foreign currency USD 90413 (approx) and cash of Rs.1.99 crore (approx) were recovered.
Further investigation is underway.
