CBI FILES A CHARGESHEET AGAINST A PROMOTER DIRECTOR OF A PRIVATE COMPANY AND OTHERS FOR CAUSING AN ALLEGED LOSS OF Rs. 313.84 CRORE (APPROX.) TO UNION BANK OF INDIA

Press Release
New Delhi, 18.05.2018

The Central Bureau of Investigation has today filed chargesheet in the Court of XIV Additional Chief Metropolitan Magistrate, Hyderabad against a Promoter Director of Hyderabad based private infrastructure company; another Director & their said private company U/s 120-B r/w 420 of IPC on the allegations of causing loss of Rs. 313.84 crore (approx.) to Union Bank of India.

CBI had registered a case on 22.03.2018 against Promoter Director; another Director, both of Hyderabad based private infrastructure company & their said private company and unknown public servants & unknown others U/s 120-B r/w 420, 468, 471 of IPC and U/s 13(2) r/w 13 (1)(d) of PC Act, 1988 on a complaint from Union Bank of India. It was alleged that the Hyderabad based infrastructure company and its Directors misappropriated bank’s funds and diverted the same to cause wrongful gain.  An alleged loss of Rs. 313.84 crore (approx.) was caused to Union Bank of India as of 31.01.2018.

Investigation revealed that said private company represented by its Promoter Director/Managing Director and another Director had entered into conspiracy among themselves during the period from 2005 to 2012, and in furtherance of the conspiracy, the accused persons fraudulently availed alleged excessive credit facilities by manipulating its financial statements, utilized the same for other activities / personal gains and diverted the same to various other companies not having business related activities for which the loan was advanced. An alleged loss of Rs. 313.84 crore (approx.) was caused to Union Bank of India. The accused were arrested on 23.03.2018 and are in Judicial Custody.

Further investigation is continuing.

 

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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