Face2News/New Delhi
The Central Bureau of Investigation has registered 04 separate cases on complaints from Canara Bank, Punjab National Bank, IDBI Bank Ltd. & EXIM Bank respectively against the accused and others including a private company, its Director’s, MD etc & unknown public servants/persons on the allegations of Bank Frauds of total Rs. 217.37 crore (approx).
The first case, was registered against the private company and others including its Directors, MD etc & unknown public servants/unknown others on the allegations of defrauding e-Syndicate Bank (now Canara Bank) to the tune of Rs.30.49 crore (approx). It was further alleged that the said private company which was in the business of pipe manufacturing & pipe coating, availed credit facilities from e-Syndicate Bank and thereafter diverted the funds into its subsidiary companies.(SUBHEAD)
The second case was registered against a private company and others including its Directors, MD etc & unknown public servants/unknown others on the allegations of defrauding Oriental Bank of Commerce (now merged with Punjab National Bank) to the tune of Rs. 51.90 crore (approx). It was further alleged that the said private company availed credit facilities in order to execute work orders received from GAIL & NTPC. It was also alleged that the accused deliberately siphoned off the money received from the projects of GAIL & NTPC without informing Oriental Bank of Commerce.
The third case was registered against said private company and others including its Directors, MD etc & unknown public servants/unknown others on the allegations of defrauding IDBI Bank Ltd. to the tune of Rs. 29.06 crore (approx). It was further alleged that the loan received from the bank for various projects of the company were utilized for purposes other than for which it was sanctioned, like repayment of dues of other banks etc.
The fourth was registered against private company and others including its Directors, MD etc & unknown public servants/ unknown others on the allegations of defrauding Export Import Bank of India (EXIM Bank) to the tune of Rs.105.92 crore (approx). It was further alleged that the accused availed credit facilities in order to execute work orders but deliberately diverted the money received for other purposes.
Searches were conducted today at 12 locations including at Mumbai (8) and one each at Damn, Kutch, Noida & Delhi at the premises of the accused/entities which led to recovery of incriminating documents/articles. During searches at the premises of Whole Time Director of private company at Mumbai, the foreign currency USD 90413 (approx) and cash of Rs.1.99 crore (approx) were recovered.
Investigation is continuing.