The Central Bureau of Investigation (CBI) on Thursday, January 6, said that four separate cases have been registered in connection with a bank fraud of around Rs 940 crore. One of the cases was registered against an Andhra Pradesh-based private firm based on the complaint of the Union Bank of India, Visakhapatnam Branch. The company allegedly took a loan of Rs 228.02 crore on the basis of manipulated financial statements and diverted the cash to its associates. Searches were conducted at eight places, including in Prakasam district in Andhra Pradesh, which led to recovery of incriminating documents.
The second case was registered against a Hyderabad based private firm. It allegedly took a loan from Bank of Baroda on the basis of inflated projects and diverted the loan funds for other than business activities. They didn't repay the loan and allegedly caused a loss of Rs 44.60 crore to the bank.
A CBI official said that the third case was registered on a complaint from the Bank of India against Ahmedabad-based private firm, its Directors, and unknown public servants for causing loss of Rs 631.97 crore to the bank. The official said that during the period of 2012 to 2016, the Directors of the borrower company were enjoying Fund based and Non-Fund Based credit facilities from the Bank of India.
The bank found that the firm was allegedly involved in siphoning off funds through its associate companies which were having common Directors. The company was also allegedly involved in transactions with suspicious dealers involved in issuing false bills. Later they allegedly failed to pay the dues to the bank which was declared NPA, due to which the bank suffered huge losses.
"CBI conducted searches at six locations in Ahmedabad at the premises of the accused, including the private company which led to the recovery of incriminating documents," said the CBI official.
The fourth case was registered on a complaint from the Punjab National Bank against a private firm based at Raisen in Madhya Pradesh, on the allegations of causing loss of Rs 35.55 crore to the Punjab National Bank on the pretext of loan.
The CBI conducted search operations at three locations in Raisen, Bhopal (Madhya Pradesh) at the premises of the accused, including a private company which led to the recovery of incriminating documents. Further probe in the matter is on.