The Central Bureau of Investigation (CBI) has registered two separate cases on the allegations of bank fraud to the tune of Rs. 67.07 crore (approx.) and Rs. 64.78 crore (approx.).
The first case was registered on a complaint from State Bank of India (SBI) against a private company based out of Ahmedabad and others including its directors on the allegations of cheating SBI to the tune of Rs. 67.07 crore (approx.). It was further alleged that the company was engaged in manufacturing of cotton yarn, knitted grey fabric and finished garments.
It was also alleged that during the period between 2011 to 2015, the accused entered into a conspiracy to cheat SBI by way of forgery and falsification of accounts and diversion of funds. The company allegedly availed Fund Based Working Capital (FBWC) with SBI, MCB, Vapi branch.
It was further alleged that only around 20 per cent of its receipts and payments from its debtors and creditors respectively were routed through banking channels, and the remaining amount was siphoned off.
Searches were conducted at 10 locations including official and the residential premises of the accused as well as private company at Silvassa and Mumbai which led to recovery of incriminating documents and articles.
The second case was registered on a complaint from Punjab and Sind Bank against a private company (borrower company) based at New Delhi and Noida and others including its directors, two other private companies, unknown public servants and others on the allegations that the said accused had cheated the Punjab and Sind Bank to the tune of Rs. 64.78 crore (approx.) by way of diversion and siphoning off bank funds, misappropriation, cheating etc.
Searches were conducted at 9 locations in Delhi-NCR region at the office and residential premises of accused including borrower Company. Investigation in both the cases is ongoing.
