The Central Bureau of Investigation (CBI) has registered two separate cases related to bank fraud to the tune of Rs. 7926.01 crore (approx) and Rs.313.79 crore (approx). The first case has been registered against a Hyderabad-based private company and others including its CMD, Additional Directors, unknown public servants and others on a complaint from Canara Bank.
It was alleged that the private firm based at Hyderabad and its directors had availed credit facilities on multiple banking arrangements. The consortium was formed with other banks, led by Canara Bank. It was further alleged that the accused had involved in falsification/fabrication of books of accounts, fudging of stock statements, tampering of balance sheets, round-tripping of funds, etc.
It was also alleged that the accused misappropriated bank's funds and diverted the loan amount sanctioned by the banks, causing a loss of Rs. 7926.01 crore (approx) to Canara Bank and other member banks. The account had become NPA and the fraud was reported.
Searches were conducted at the premises of private company/other accused at Hyderabad and Guntur, which led to a recovery of incriminating documents.
The second case has been registered against a private company based in Chennai and others including its Chairman, Director, unknown public Servants and private persons on a complaint from State Bank of India (SBI). It was alleged that the borrower company represented by its Chairman and Director availed credit limits of Rs.310 crore (approx) from SBI. It was further alleged that the loan amount were diverted to related parties. The account became NPA and declared as fraud. An alleged loss of Rs.313.79 crore (approx) was caused to bank. Searches were conducted at the premises of the accused in Chennai. Meanwhile, further investigation in both cases is underway.
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