555.65 Cr bank scam- trio book by CBI

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Photo used for indicative purpose only. Source: Internet

Shimla, Mar 19

Central Bureau of Investigation booked a trio of corporates on Friday for a scam of Rs 555.65 Cr in various banks of the state and other parts of country. The same was done after conducting search and raids on their properties and locations in the state.

A press release issued by the CBI said that First Information Report was registered against three persons belonging to a private companies and others for causing alleged loss of around Rs 555.65 Cr.

CBI named three accused in this scam includes Rakesh Kumar Sharma, Director of M/s Indian Technometal Company Limited and Vinay Kumar Sharma. CBI has registered a case against this private company & others including its Directors and unknown public servants & other persons on a complaint from Union Bank of India erstwhile Corporation Bank (Lead Bank), New Delhi.It was alleged that the said private company through its Directors in conspiracy with others has defrauded a consortium of banks of Corporation Bank (Now Union Bank), State Bank of Hyderabad (now State Bank of India),Punjab National Bank, Punjab & Sindh Bank, UCO Bank, Syndicate Bank, Central Bank of India, Karur Vyasya Bank and JM Financial ARC .

The firm allegedly was found involved on the basis of misrepresentations or concealment of facts and false documents or information, causing loss to the tune of Rs. 555.65 crore (approx.) to the said consortium of banks.
The agency said that searches was conducted at the premises of the accused or firm
including at Kangra (Himachal Pradesh) seizing incriminating documents in this action.

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