(MOREPIC1) Face2News/Jaipur
Central Bureau of Investigation (CBI) has registered a case on a complaint from Union Bank of India against five accused including a Jaipur based private company, its Directors & Guarantors and unknown others on allegations of defrauding the bank to the tune of Rs. 48.06 crore .
The accused company was stated to have been engaged in the business of manufacturing and repair of power distribution transformers. It has been alleged that the said accused persons in criminal conspiracy cheated the bank to the tune of Rs. 48.06 crore.
The company allegedly availed cash credit limit by submitting false and inflated documents. It has been further alleged that accused defaulted on inland LCs, BGs and diverted the bank funds through transactions with related parties.
CBI is conducting searches at around 05 locations including at factory / official and residential premises of accused persons in Jaipur.Investigation is continuing.
