Delhi: CBI books private packaging company for bank fraud; searches underway

New Delhi [India], June 24 : The Central Bureau of Investigation (CBI) on Friday registered an FIR against a Delhi-based packaging company for allegedly defrauding a consortium of banks.
Several teams of CBI conducted multiple searches at the premises of the packaging company Rave Scans Private Limited for allegedly defrauding a consortium of banks to the tune of Rs 69.33 crore.
According to the FIR, "a written complaint was received from the Chief Regional Manager of Indian Overseas Bank, New Delhi, into the matter. The complaint was made against M/s Rave Scans Pvt. Ltd. (RSPL), having the registered office address in Naraina Industrial Area in New Delhi, and its Directors, unknown public servants of the Banks / unknown others, who have allegedly perpetrated a fraud on the tune of Rs. 69.33 Crore on the consortium of banks led by the Indian Overseas Bank during a period from 2011-2016."
It is further alleged that M/s Rave Scans Pvt. Ltd. (RSPL) and its Directors, under criminal conspiracy among themselves with unknown public servants of the Bank/others with an intention to cheat the Banks, obtained loan/Credit facilities from the banks and in pursuance of the conspiracy resorted to various fraudulent activities including the diversion of funds for purposes other than those for which the loan/facilities were sanctioned by the banks; submission of fabricated Stock Statements with the intention to defraud the Bank; manipulation in the books of accounts of the aforesaid company; wrong reporting in the financial statements/ balance sheets of the company; not utilizing the loan funds for the purpose for which it was sanctioned etc. and thereby, causing wrongful loss to the banks to the tune of Rs 69.33 Crore and corresponding a wrongful gain to themselves.