CBI FILES A CHARGESHEET AGAINST MD OF A PRIVATE FIRM AND FIVE OTHERS FOR CAUSING AN ALLEGED LOSS OF RS.42.17 CRORE(APPROX) TO INDIAN BANK

Press Release
New Delhi, 22.03.2017

         The Central Bureau of Investigation has filed a chargesheet against a Managing Director; three Directors; one former Director, all of Tiruchengode (Tamilnadu) based private firm and said private firm U/s 120-B r/w 420, 468 & 471 of IPC & substance offence thereof in the Court of Chief Judicial Magistrate, Coimbatore (Tamil Nadu) for causing an alleged loss of Rs.42.17 crore(approx) to Indian Bank.

       CBI had registered a case U/s 120-B, r/w 420, 468 and 471 of IPC on 23.02.2016, against Managing Director & three Directors of Tiruchengode based private firm & said private firm (dealing in the business of manufacturing CTD Bars/TMT Bars at Tiruchengode) and unknown others on a complaint regarding the fraud to the tune of Rs. 42.17 crore(approx) to Indian Bank, Tiruchengode Branch, Tiruchengode(Tamil Nadu).

           Investigation revealed that the said accused during the period from 2008 to 2014, entered into an alleged criminal conspiracy among themselves at Tiruchengode to cheat Indian Bank in the matter of availing credit facilities from the bank by way of submitting false/forged financial statements of said private firm. In pursuance of the said conspiracy, the accused allegedly induced & cheated the Indian Bank to sanction them ineligible higher credit facilities from 2008 to 2014 to the extent of Rs. 38.75 crore (approx).

             After investigation, a chargesheet has been filed.

            The public is reminded that the above findings are based on the investigation done by CBI and evidence collected by it. Under the Indian Law, the accused are presumed to be innocent till their guilt is finally established after a fair trial.


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