The Central Bureau of Investigation has today arrested two accused, both Promoters-Directors of a private firm based at Kolkata & Delhi in an on-going investigation of a case to unearth the larger conspiracy and to trace out the diversion and end use of funds.
A case was registered against a private firm based at Kolkata & Delhi; its Promoters-Directors; other executives and other unknown persons under section 120-B r/w 420, 467, 468 & 471 of IPC on a complaint of UCO Bank relating to the allegations of cheating 14 consortium member banks (lead by UCO Bank) to the tune of Rs. 3871.71 crore (approx). It was also alleged that the accused had defrauded 14 public sector banks through diversion of funds, showing high cost of false capital expenditure, suspected investment in related companies, falsely inflating debtors, sale at higher price to related / doubtful parties, fraudulent high sea transactions, non compliance with fund utilization, corporate guarantee without permission of consortium members etc.
It was further alleged that there was no genuine business with the debtors/creditors and false bills were issued by / in favour of said private firm. More than 150 shell firms were allegedly arranged through a group of brokers against fixed commission, for obtaining false invoices and diversion of bank funds. It was also alleged that some of the suppliers were non-existent and some other firms were having no genuine business with said firm and had routed the funds of said private firm through their accounts. One of the accused was the Chairman of the company during the period of fraud, and was settled out of India. A Red Corner Notice was published against accused by the UAE authorities for misappropriation of AED 160 million from United Arab Bank by submitting alleged forged documents of its business deals.
The arrested accused will be produced tomorrow in the Designated Court, Delhi.
Further investigation is continuing.
CBI REGISTERS A CASE AGAINST THEN AGM & OTHERS FOR CAUSING AN ALLEGED LOSS OF RS. 58.04 CRORE (APPROX) AND CONDUCTS SEARCHES
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Press Release
New Delhi, 21.04.2017
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The Central Bureau of Investigation has registered a case against then Assistant General Manager (since retired); then Senior Manager, both of Mid-Corporate Branch, Central Bank of India, Pune; President & Chief Managing Trustee of Pune based Technical Education Society; the said Pune based Technical Education Society and unknown others U/s 120-B of IPC r/w Section 420 of IPC and Section 13(2) r/w Section 13(1)(d) of P.C. Act, 1988.
It was alleged that then AGM and then Senior Manager, both of Mid-Corporate Branch, Central Bank of India, Pune entered into criminal conspiracy with the President & Chief Managing Trustee of Pune based Technical Education Society during the period 2011-12 and in pursuance thereof, the said Chief Managing Trustee applied for various financial facilities to the AGM, Central Bank of India, Mid-Corporate Branch, M.G Road, Pune, to the tune of Rs.81.30 crore, including fresh term loan of Rs.60 crore and taking over of existing term loans from Punjab & Sind Bank and Canara Bank. In the Project Report submitted with the application, the Chief Managing Trustee fraudulently gave false information that the loan amount would be required for various construction works and supply of materials at different campuses of their Society including the construction of Dental College & Hospital Building at Narhe, Pune. It was further alleged that the AGM recommended the loan proposal of said President & Chief Managing Trustee without following the laid down procedure, and on the basis of recommendation of AGM, the Management Committee of the Board of Central Bank of India sanctioned the loan amount of Rs.75.01 crore (Rs.60 crore as fresh term loan + Rs.13.01 crore takeover of loan from Canara Bank + Rs.2 crore takeover of loan from Punjab & Sind Bank). It was also alleged that the disbursement of the sanctioned facilities was made by then AGM to the borrower without following the procedure & without ensuring its end use. The borrower didn’t utilise the loan amount for the purpose for which it was sanctioned and diverted the same for the purpose other than the one for which it was sanctioned. It was also alleged that in respect of the utilisation of the disbursed amount, the Society furnished bogus documents to the Bank, including a certificate of an Architect, falsely showing expenditures of Rs.21.20 crore (approx) incurred towards construction of Dental College & Hospital Building at its Narhe campus, whereas, no such Dental College & Hospital was constructed there. The bank officers have favoured the borrower by way of misrepresenting the facts that all the construction works, for which the financial facilities were given by the bank, had been completed by the said Society. The bank officers also did not ensure that the securities were in place to guard the financial facilities provided by the Bank. The President of Society was wilful defaulter and in pursuance of the aforesaid criminal conspiracy did not make repayment of loan amount to the Central Bank of India, resulting in the account becoming NPA. An alleged loss to the extent of Rs.58.04 crore, plus interest thereon was caused to Bank.
Searches are being conducted today at the residential premises of the Bank Officers at Mumbai & Nasik and office & residential premises of other accused at Pune.
Further investigation is continuing.
CBI REGISTERS TWO SEPARATE CASES AGAINST CERTAIN ACCUSED FOR CAUSING AN ALLEGED LOSS TO THE TUNE OF RS. 1301 CRORE (APPROX) & Rs. 43.77 CRORE (APPROX) TO TWO BANKS AND CONDUCTS SEARCHES
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Press Release
New Delhi, 09.04.2017
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The Central Bureau of Investigation has registered a case u/s 120 B r/w 420, 467, 468, 471 of IPC on a complaint from Punjab National Bank related to an alleged fraud committed by Chandigarh based private firm & its three directors and unknown others. An alleged loss of Rs. 1301 crore (approx.) was caused to the complainant bank.
It was further alleged that the said accused in criminal conspiracy with each other availed credit facilities i.e Term Loans, Working Capital limits etc from Punjab National Bank, Chandigarh. It was also alleged that the said firm got discounted forged & fabricated export bills and fraudulently siphoned off the disbursed bank funds. These discounted export bills remained unpaid and thus caused wrongful loss to the bank.
Searches were conducted today at 03 places including residence & official premises of accused at Chandigarh and Mohali (Punjab) which led to recovery of incriminating documents and electronic evidences.
The another case has been registered u/s 120 B r/w 420, 467, 468, 471, 477A of IPC and u/s 13(2) r/w 13(1)(d) of PC Act on a complaint from Canara Bank relating to an alleged fraud committed by a Jabalpur based private firm & its four directors and the then Branch Incharge , Jabalpur Branch, Canara Bank & unknown others. An alleged loss of Rs. 43.77 crore (approx.) was caused to the complainant bank.
It was further alleged that the said accused in conspiracy with each other availed credit facilities from Canara bank, Jabalpur branch on the basis of fake and fabricated documents. The funds disbursed by the bank were siphoned off, causing wrongful loss to the bank.
Searches were conducted today at 05 places including residence & official premises of accused at Jabalpur and Reva (Madhya Pradesh) which led to recovery of incriminating documents.
Further investigation in both the cases is continuing.
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