Mumbai EOW, CBI uncover Rs 1,000 crore banking fraud at Dena Bank, IOB, other PSBs-Business Standard-28th August 2014
The mastermind of the fixed-deposits scam is reported to be Mohammed Fashiuddin of the Showman Group
The Mumbai Economic Offences Wing on Thursday said it had uncovered a large scale banking racket involving multiple persons who conspired to perpetrate widespread fraud at Dena Bank and Oriental Bank of Commerce, as well as some other banks.
Read about Scam in Dena Bank And Oriental bank
The quantum of the fraud, part of which is being investigated by the Central Bureau of Investigation, is likely to be close to Rs 1,000 crore, sources said.
The criminal syndicate allegedly also carried out large-scaled Fixed Deposit scams at other public sector banks, including UCO Bank, Syndicate Bank, Bank of Baroda, Vijaya Bank, and Dhanalakshmi Bank.
Read about Scam in Syndicate Bank
The EOW has registered 10 FIRs against several individuals as well as officials of public sector banks. The mastermind of the scam is reported to be Mohammed Fashiuddin of the Showman Group. So far, four of the accused have been arrested. Searches and raids are ongoing at offices and homes of some of the accused.
Also Read Scam After Scam
The role of officers at Bank of India, Indian Overseas Bank,, and Dena Bank is being investigated. Among the institutions who were victims of the fraud are the MMRDA and SIES Trust.
Read About Scam In Central bank
The amount involved in case of Vijaya Bank is Rs 5 crore. The bank has completed its investigation in the matter and the report has been submitted to a committee of general managers. The committee will study the report and refer it to the Vigilance Department for further action, if required, the sources said. However, no official of the bank has been found guilty as yet, they added.
Read about Scam in Dena Bank And Oriental bank
The quantum of the fraud, part of which is being investigated by the Central Bureau of Investigation, is likely to be close to Rs 1,000 crore, sources said.
The criminal syndicate allegedly also carried out large-scaled Fixed Deposit scams at other public sector banks, including UCO Bank, Syndicate Bank, Bank of Baroda, Vijaya Bank, and Dhanalakshmi Bank.
Read about Scam in Syndicate Bank
The EOW has registered 10 FIRs against several individuals as well as officials of public sector banks. The mastermind of the scam is reported to be Mohammed Fashiuddin of the Showman Group. So far, four of the accused have been arrested. Searches and raids are ongoing at offices and homes of some of the accused.
Also Read Scam After Scam
The role of officers at Bank of India, Indian Overseas Bank,, and Dena Bank is being investigated. Among the institutions who were victims of the fraud are the MMRDA and SIES Trust.
Read About Scam In Central bank
The amount involved in case of Vijaya Bank is Rs 5 crore. The bank has completed its investigation in the matter and the report has been submitted to a committee of general managers. The committee will study the report and refer it to the Vigilance Department for further action, if required, the sources said. However, no official of the bank has been found guilty as yet, they added.
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CBI Registers Case Against Firm For Over Rs. 139 Crore Bank Fraud
CBI has registered a case against Bengal India Global Infrastructure for allegedly cheating Central Bank of India of over Rs. 139 crore by availing loans on forged documents.
The company allegedly entered into a criminal conspiracy with the directors of Bholanath Ingots, Gouri Iron Steel Pvt Limited, Subhlabh Steels Pvt Limited and B K Newatia, chartered accountant Partner of Jaykishan chartered accountants, CBI spokesperson said here today.
"It is alleged that they availed credit facilities from Central Bank of India on the basis of false and forged documents and diverted the funds for the purpose other than for which the same was sanctioned and thereby cheated and defrauded the Central Bank of India to the tune of 139.05 crore," she said.
The agency today carried out searches at 15 places in Kolkata and Durgapur in West Bengal in connection with the case, the spokesperson said.
CBI Registers Case Against Firm For Over Rs. 139 Crore Bank Fraud
CBI has registered a case against Bengal India Global Infrastructure for allegedly cheating Central Bank of India of over Rs. 139 crore by availing loans on forged documents.
The company allegedly entered into a criminal conspiracy with the directors of Bholanath Ingots, Gouri Iron Steel Pvt Limited, Subhlabh Steels Pvt Limited and B K Newatia, chartered accountant Partner of Jaykishan chartered accountants, CBI spokesperson said here today.
"It is alleged that they availed credit facilities from Central Bank of India on the basis of false and forged documents and diverted the funds for the purpose other than for which the same was sanctioned and thereby cheated and defrauded the Central Bank of India to the tune of 139.05 crore," she said.
The agency today carried out searches at 15 places in Kolkata and Durgapur in West Bengal in connection with the case, the spokesperson said.
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Fixed deposit scam of Rs 1,000 cr: Mumbai EOW files FIRs-Hindu Business Line
Mumbai, Aug 28:
The Economic Offences Wing (EOW) of the Mumbai Police on Thursday filed 10 first information reports (FIRs) against several officials of state-run banks and individuals for an alleged fixed deposit fraud of more than Rs. 1,000 crore.
According to reports, the fixed deposit scam was undertaken by certain individuals in collusion with bank officials at several public sector banks including Dena Bank, UCO Bank, Indian Overseas Bank, Syndicate Bank, Bank of Baroda, Vijaya Bank, Oriental Bank of Commerce and Dhanlaxmi Bank.
The perpetrators of the crime misused the cash credit facilities available against fixed deposits of entities like South Indian Education Society, Mumbai Metropolitan Regional Development Authority and Jawaharlal Nehru Port Trust to raise loans, reports said further.
So far the agency has arrested six people involved in the fraud including the alleged mastermind of the scam Mohammed Fasihuddin, promoter of the Showman Group.
The agency is also investigating the role of bank officials involved in the fraud.
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