CBI FILES A CHARGESHEET AGAINST CMD OF A PRIVATE COMPANY AND OTHERS INCLUDING OFFICIALS OF BANK OF BARODA FOR CAUSING AN ALLEGED LOSS OF RS.456.63 CRORE(APPROX) TO BANK

Press Release
New Delhi, 21.05.2018

The Central Bureau of Investigation has today filed a chargesheet in the court of Special Judge (Central), Lucknow against a CMD & a Director, both of Kanpur(Uttar Pradesh) based private company; the said private company and three bank officials i.e. then AGM / Branch Head; then Senior Manager / Forex Incharge / Joint Manager & then Manager (Scale-II) / Credit Officer, all of Bank of Baroda, IBB Branch, Kanpur for causing an alleged loss of Rs.456.63 crore(approx) to Bank of Baroda.

A case was registered on 18.02.2018 on a complaint 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.

Investigation revealed that said private company represented by its CMD and others had entered into criminal conspiracy to defraud Bank of Baroda to the tune of Rs. 456.63 crore(approx). The loss was allegedly caused due to misutilization of export packing credit limit and devolvement of FLCs.

During the investigation, the CMD & a Director were arrested on 22.2.2018 and at present, both 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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