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CBI REGISTERS A CASE AGAINST BANGALORE BASED COMPANY, OTHERS FOR CAUSING LOSS OF RS.200.38 CRORE TO BANKS

January 14, 2021 06:14 PM

New Delhi/Bangalore (Face2News)

The Central Bureau of Investigation has registered a case against Bangalore based private company(borrower company) & others, including its Directors; Chartered Accountant etc and Unknown public servants/persons on a complaint from Indian Bank for defrauding the consortium of banks, thereby causing an alleged loss of Rs.200.38 crore  to the banks.

It was alleged that the borrower company based at Bangalore, during the period 2017-2019, in connivance with others, had availed credit facilities under consortium lending, consisting of Indian Bank and e-Vijaya Bank (now Bank of Baroda) with Indian Bank as leader of the consortium and defrauded the consortium of Banks, thereby causing a loss of Rs.200.38 crore (Rs.168.39 crores to Indian Bank and Rs.31.99 crore to Bank of Baroda).

The account became NPA on 30.04.2019 and reported as fraud on 07.11.2019. It was further alleged that the borrower company in order to avail higher working capital limits from the banks, had inflated its turnover, made purchase transactions with the related / sister concerns, inflation of receivables, diversion of fund within the related / sister concerns, submitted false / fudged accounts / statements, etc. and siphoned off the banks funds, thereby causing loss to the said Banks.

Searches were conducted today at the residential and official premises of the accused at Bangalore and Shoolagiri, Krishnagiri District(Tamil Nadu) which led to recovery of several incriminating documents and other material evidences. Investigation is continuing.

 
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