CBI REGISTERS SIX SEPARATE CASES AGAINST CERTAIN ACCUSED INCLUDING PRIVATE FIRMS FOR CAUSING AN ALLEGED LOSS OF RS.1530 CRORE (APPROX) TO VARIOUS BANKS

Press Release
New Delhi, 05.04.2017

       The Central Bureau of Investigation has today registered six cases against two Mumbai based private firms dealing with jewellery etc; the Chief Promoter and others on the complaints lodged by Central Bank of India, IDBI Bank Ltd. and Vijaya Bank respectively on the allegations of cheating & criminal conspiracy.

      It was further alleged that standby letters of credit were opened by the banks for the import of gold by the companies from foreign banks. Gold was imported to India, then was re-exported to 13 UAE based buyers. When the companies did not honour, the SBLCs, Indian Banks were forced to make payments to the foreign banks. An alleged loss of Rs. 1530 crore (approx) was caused to banks in these cases (An alleged loss to these banks i.e. Central Bank of India, Rs.699.54 crore (approx) in one case & Rs. 255.24 crore (approx) in other case; IDBI Bank Ltd., Rs.133.12 crore (approx) in one case & Rs. 55.68 crore (approx) in other case and Vijaya Bank, Rs. 233.15 crore (approx) in one case & Rs. 153.71 crore (approx) in other case.). The role of bank officials and others in this regard will also be looked into.

      Further investigation is continuing.


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