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 an 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. 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.
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.
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