CBI REGISTERS CASE AGAINST A NEW DELHI BASED PRIVATE COMPANY INCLUDING ITS CMD & OTHERS AND CONDUCTS SEARCHES AT VARIOUS LOCATIONS


Press Release
New Delhi, 06.04.2019

The Central Bureau of Investigation has today conducted searches at various locations including Delhi-NCR, Chandigarh, Kolkata, Orissa at the office/residential premises of a New Delhi based Private Company, its Directors/Promoters & their associates in a bank fraud case.

A Case was registered against a Private Company based at New Delhi, its Directors/Staff, unknown public servants and other private persons.

It was alleged that the said Private Company through its directors / staff, fraudulently diverted Rs. 2348 crore (approx.) from the loan account of Punjab National Bank (IFB New Delhi & IFB Chandigarh); Oriental Bank of Commerce (Kolkata); IDBI Bank (Kolkata) and UCO Bank (IFB Kolkata) into the accounts of various companies / shell companies without any obvious purpose and thereby misused the funds.

It was further alleged that the said Company availed various Loan facilities from 33 banks/financial institutions during the year 2007 to 2014 to the tune of Rs. 47,204 crore (approx.) and defaulted on repayments. Subsequently, lead bank PNB declared the account as NPA followed by other banks and financial institutions.

It was also alleged that the accused entered into a criminal conspiracy among themselves and with unknown public servants of banks & others to cheat Banks/ Financial Institutions/ Govt. exchequer. In furtherance of the said criminal conspiracy, the accused dishonestly & fraudulently diverted huge amount of bank funds through companies/ shell companies/ entities, etc. and deliberately defaulted in repayment and also claimed inadmissible CENVAT credit etc. It was further alleged that accused used the bank funds for the purpose other than sanctioned by the bank, by committing forgery for the purpose of cheating, used forged documents and falsified the accounts causing loss to the tune of Rs. 2348 crore (approx.) to the lending banks/ financial institutions/ government exchequer.

During searches,various documents pertaining to the case have been recovered. Investigation is continuing.

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