CBI registers case against private company, directors for bank fraud

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Srinagar, Dec 31: The Central Bureau of Investigation (CBI) registered a case against a private company and others including its directors on the allegations of bank fraud of Rs. 1626.74 crore and conducted a search.

According to a statement issued to the news agency, the CBI has registered a case on complaint from Central Bank of India and other member banks against a private company based at Chandigarh and others including Managing Director, other Directors, Guarantors and unknown public servants/private persons on the allegations of defrauding the banks to the tune of Rs. 1626.74 crore.

It was alleged that the said private company was engaged in the manufacturing of drugs. It was further alleged that the said accused had cheated the consortium of banks to the tune of Rs. 1626.74 crore by criminal conspiracy, forgery, using forged documents knowing the same to be forged and availed the loan funds and thereafter diverted the same.

Searches were conducted today at 12 locations including at Chandigarh, Panchkula, Ludhiana, Faridabad and Delhi at the office/residential premises of the accused which resulted in recovery of incriminating documents, articles, cash amount of Rs. 1,58,96,000