CBI REGISTERS A CASE AGAINST THREE DIRECTORS OF KANPUR BASED PRIVATE COMPANY AND OTHERS ON THE ALLEGATIONS OF CHEATING A CONSORTIUM OF SEVEN BANKS

Press Release
New Delhi, 19.02.2018

The Central Bureau of Investigation has registered a case on a complaint dated 18.02.2018 from Bank of Baroda U/s 120-B r/w 420, 467, 468, 471 of IPC and Sec. 13(2) r/w 13(1)(d) of P C Act, 1988 & substantive offences thereof against a Kanpur(Uttar Pradesh) based private company & three Directors from the said company and unknown bank officials & private persons on the allegations that the said Company through its Directors in criminal conspiracy with themselves and other unknown bank officials, cheated Bank of Baroda to the tune of Rs.616.69 crore(approx) including unapplied interest(Rs.456.63 crore + unapplied interest of Rs.160.06 crore). The total outstanding amount of the Members of consortium of seven banks i.e. Bank of India, Bank of Baroda, Indian Overseas Bank,Union Bank of India, Allahabad Bank, Bank of Maharashtra & Oriental Bank of Commerce-has come to Rs.3695 crore(approx), including unapplied interest, by siphoning off bank loans disburbsed to the said company.

Searches are being conducted today at the residential & official premises of the accused at Kanpur. A residential apartment and office premises of the accused at Delhi has been sealed.

Investigation is continuing.


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