Face2News/Mumbai
The Central Bureau of Investigation (CBI) on Friday, conducted search operations in connection with a bank fraud case. The CBI registered the instant case based on the complaint of State Bank of India, Mumbai against M/s Avaya Industries Ltd, its Directors and Unknown Public Servant(s) & Private Person(s). It is alleged in the complaint that M/s Avaya Industries Ltd and its Directors fraudulently obtained credit facilities by misrepresentation, causing a wrongful loss of Rs.58.48 Crore to the bank.
The accused allegedly perpetrated the fraud through fictitious sales and inflated stocks, suppression and non-recovery of export receivables, diversion of funds through unsecured advances, unauthorised routing of transactions through another bank, fabrication of debtor balances, and unauthorised sale or misrepresentation of mortgaged property and hypothecated assets resulting in wrongful loss to the bank.
Today, searches were conducted at several locations in Mumbai including the residential properties linked to the Directors of M/s Avaya Industries Ltd.
During the searches, incriminating documents relevant to the investigation were recovered. The seized materials are being examined to ascertain the full extent of the alleged conspiracy, misappropriation and diversion of funds, and to establish the role of all persons involved.
Further investigation is in progress.
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