CBI registers 4 separate cases in connection with Rs 940 cr bank fraud

The Central Bureau of Investigation has registered four separate cases related to Bank Fraud of around Rs 940 crore  and conducted searches in each case. One of these cases was registered on a complaint from Bank of India against a private company based at Ahmedabad and others on the allegations of causing loss of  Rs 631.97 crore  to the bank in the matter of various credit facilities. CBI conducted searches at six locations in Ahmedabad at the premises of accused including private company which led to recovery of incriminating documents.The second case was registered against a private company based at Prakasam in Andhra Pradesh and others on a complaint from Union Bank of India, Vishakhapatnam. It was alleged that the private company and its Directors fraudulently availed credit facilities by submitting false financial statements, diverted loan proceeds and caused loss of 228.02 crore rupees to the bank.
Searches were conducted at eight places including in Prakasam district which led to recovery of incriminating documents.The third case was registered against a private company based at Banjara Hills in Hyderabad and others. It was alleged that during 2014 to 2017, the company availed loans from Bank of Baroda, Khairatabad Branch, Hyderabad on the basis of inflated project cost and diverted loan funds for other than business activities and caused loss to the tune of  44.60 crore rupees to the bank.Searches were conducted at three places including in Hyderabad which led to recovery of several incriminating documents.
The fourth case was registered on a complaint from Punjab National Bank against a private company based at Raisen in Madhya Pradesh and others on the allegations of causing loss of 35.55 crore rupees to the Punjab National Bank in the matter of various credit facilities. It was alleged that during 2012 to 2016, the Directors of the borrower company in conspiracy with others induced Punjab National Bank to sanction facilities including Cash Credit and Term Loan. The account of the company was declared as NPA due to non-payment of interest and installments, causing an alleged loss of 35.55 crore rupees to the Bank. Searches were conducted at three locations at Raisen in Bhopal at the premises of the accused including a private company which led to recovery of incriminating documents. Investigation in all the cases is continuing.