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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

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The company was once valued at more than $9 billion.

Elizabeth Holmes, the youngest and wealthiest female self-made billionaire, has been found guilty of defrauding investors as founder and CEO of healthcare company Theranos in the US, which promised to revolutionize blood testing. She is also guilty of conspiracy to defraud investors with her co-defendant and Indian-origin Theranos COO, Sunny Balwani. Holmes faces up to 20 years in prison for each of the counts.

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Infographic reveals real-time data. Pixabay

BY EVGENY KRINITSYN

Interactive infographic reveals the scale and extent of fraud in the United States amid COVID-19, with real-time data revealing the amount of money lost due to identity theft, online shopping, and romance scams.

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