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CBI FILES CHARGESHEETS IN THREE SEPARATE CASES ON THE ALLEGATIONS OF BANK FRAUD OF RS.150 CRORE

April 08, 2021 10:00 PM

Mumbai (Dace2)

The Central Bureau of Investigation has filed chargesheets in three separate cases of bank fraud amounting to Rs.150 crore(approx) against private companies & their Directors, Financial Consultants, Chairman of a Group of Companies, then General Manager & DGM, both of Union Bank of India etc. in the Court of Special Judge for CBI Cases, Mumbai.

CBI had registered 03 separate cases on the complaints from Union Bank of India against private companies & their respective Directors and public servants on the allegations of defrauding the Bank to the tune of Rs.149.89 crore(approx). The said fraud was executed by the borrowers of private companies in connivance with the public servants of Union Bank of India by way of opening LCs without processing, appraisal, assessment, internal rating, regular sanction from the competent authority and without creation of mortgage.

The first case was registered on 29.06.2019. A chargesheet was filed against 13 accused including private companies & its Directors, Financial Consultant, then DGM/Regional Head(Union Bank of India), then GM/Zonal Head(Union Bank of India) etc. on the allegations of bank fraud of Rs.56.98 crore(approx). The second case was also registered on 29.06.2019.

In this case, a chargesheet was filed against 16 accused including private companies & its Directors, Financial Consultant, Chairman of Group of Companies, then DGM/Regional Head(Union Bank of India), GM/Zonal Head(Union Bank of India) etc. on the allegations of bank fraud to the tune of Rs.50 crore(approx). The third case was registered on 09.03.2020 and chargesheet was filed against 16 accused including private companies & its Directors, Financial Consultant, Chairman of Group of Companies, then Regional Head(Union Bank of India), GM(Union Bank of India) etc. on the allegations of bank fraud of Rs.42.91 crore(approx).

During investigation, it came to light that borrower companies allegedly in connivance with fake suppliers submitted false and fabricated tax invoices, bills of exchange and forged lorry receipts while discounting LCs from various banks.

It was alleged that Chairman of a Group of Companies played a pivotal role and arranged for availing credit facility from Union Bank of India for all the three borrowers by way of submitting false & fabricated financial data through one of his employees.

It was further alleged that the said accused made his employees as Directors in various name sake supplier companies and submitted false & fabricated tax invoices, bills of exchange & forged lorry receipts through them and allegedly misappropriated loan proceeds through his employees. As such, he has been chargesheeted in the said cases.

Further investigation is continuing.

 
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