CBI registers a case against a private company & others on the allegations of bank fraud and conducts searches
New Delhi, 24.12.2020
The Central Bureau of Investigation has registered a case on a complaint from Canara Bank (lead bank) on behalf of a consortium of 4 member banks against a private company and others including its Directors, unknown public servants & unknown others. It was alleged that, during the period 2017 to 2019, the accused entered into a conspiracy to cheat a consortium of banks including Canara Bank to the tune of Rs. 121.05 crore(approx) by way of forgery and diversion of funds. The company was allegedly enjoying credit facilities. It was further alleged that the company maintained accounts in private banks without obtaining a No Objection certificate from consortium member banks and also indulged in fraudulent practices to siphon off funds of the banks. The account became NPA, thereby causing an alleged loss of Rs 121.05 crore (approx) to the consortium.
Searches are being conducted today at 05 places including official & residential premises of the accused at Surat and Navsari in Gujarat which led to recovery of incriminating documents/articles.
Investigation is continuing.