Never miss a story

Get subscribed to our newsletter


×
Wikipedia

CBI on Thursday said that four separate cases have been registered in connection with a bank fraud of around Rs 940 crore.

The Central Bureau of Investigation (CBI) on Thursday said that four 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 the premises of the alleged accused. A CBI official said that one of these cases was registered on a complaint from the Bank of India against 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 during the period of 2012 to 2016, the Directors of the borrower company were enjoying Fund based and Non-Fund Based credit facilities from the Bank of India. The bank found that the firm was allegedly involved in siphoning off funds through its associate companies which were having common Directors. The company was also allegedly involved in transactions with suspicious dealers involved in issuing false bills.

Fraud Prevention Scam Corruption The company was also allegedly involved in transactions with suspicious dealers involved in issuing false bills. | Pixabay



Later they failed to pay the dues to the bank which was declared NPA. Due to this the bank suffered huge loss. "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," said the CBI official. The second case was registered against an Andhra Pradesh-based private firm on the 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 it's associates. Searches were conducted at eight places, including in Prakasam District, (Andhra Pradesh), which led to recovery of incriminating documents. The third case was registered against a Hyderabad based private firm. It took loan from Bank of Baroda on the 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.

cbi logo The CBI searched six locations in Ahmedabad, including the accused's private company, resulting in the recovery of incriminating documents. | Wikimedia Commons


The fourth case was registered on a complaint from the Punjab National Bank against a private firm based at Raisen (Madhya Pradesh) on the allegations of causing loss of Rs 35.55 crore to the Punjab National Bank on the pretext of loan. The CBI conducted search operations at three locations in Raisen, Bhopal (Madhya Pradesh) at the premises of the accused, including a private company which led to the recovery of incriminating documents. Further probe in the matter is on. (IANS/ MBI)


(Keywords: CBI, Central Bureau of Investigation, fraud, bhopal, punjab national bank, private company, case, Raisen, documents)


Popular

Sikandar Ali / Unsplash

In 2018, state heads of ASEAN countries graced the occasion with their presence.

There will be no chief guest at the Republic Day parade this year also as the plan to host state heads of five Central Asian countries -- Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan -- seems to have been cancelled due to the Covid situation in India as well as in the respective nations. Though the Ministry of External Affairs is yet to confirm this officially.

Also Read : Republic Day 2021: Significance of the Day and highlights of the Parade

Keep Reading Show less
Unsplash

Infection with antibiotic-resistant bacteria and biofilm formation halt healing progress.

A team of scientists from the Banaras Hindu University (BHU) have found a cure for those suffering from chronic wounds, particularly with diabetic foot ulcers. The team led by Prof Gopal Nath of the department of Microbiology, Institute of Medical Sciences, said that wounds that took months and years to heal, could now be cured in days or months. The findings of study have been published in the National Centre for Biotechnology Information, National Institutes of Health, US.

Also Read : Researchers develop Hydrogel to treat infections in wound

Keep Reading Show less

The legendary captain was great in batting but did not score a ton for more than two years.

By Anna Melnikova

The Indian cricket lovers have been waiting for a ton from Virat Kohli for a long time, and he finally has made it. However, not in the batting as most fans expect, but in catching balls.

The second day of the 3rd Test in Capetown between local Proteas and the Men in Blue was rich for interesting occasions. Thus, South Africa was waiting for a good scoring result after stopping all Indian batters on the first day. Their opponents, however, have been looking for nice bowling not to lose the game just in the first innings. And while Bumrah added five wickets to his score, one of the dismissals should go to Virat Kohli. By the way, if you want more cricket news in India, we recommend subscribing to the specified site using the link.

Keep reading... Show less