CBI registers case against a private company  and others in Rs 1528 Cr bank fraud 


Shimla, Sep 15

Central Bureau of Investigation has registered a case against the Chief Managing Director of a Private company for causing an alleged loss to the tune of Rs 1528 crore to various banks and raids were conducted at the various locations of accused in Kangra and Sirmaur district on Wednesday.
A press release issued by spokesperson of CBI said that FIR has registered a case against a
private company based at Delhi & having its industrial unit in Himachal Pradesh and others
including its Promoter & CMD; Director , Guarantor & two Corporate Guarantors and unknown public servants and unknown persons.
Banks made allegations that the accused conspired with each other to defraud the banks and caused loss of Rs.1528.05 crore(approx) to the consortium of 16 banks led by Bank of India.
The consortium banks were – Bank of India, Union Bank of India, Andhra Bank, Punjab & Sind Bank, Indian Overseas Bank, State Bank of Hyderabad, Central Bank of India, Corporation Bank, HDFC Bank Limited, Oriental Bank of Commerce, Saraswat Co-operative Bank, State Bank of Patiala, UCO Bank, Allahabad Bank, Standard Chartered Bank & DBS.

It was further alleged that that the private company, engaged in manufacturing of ferrous and non-ferrous metal, obtained credit facilities  or loans etc from the consortium of 16 Nationalized and private banks during 2008 to 2013 with Bank of India as Lead Bank. The accused had allegedly conspired with an intention to defraud the banks through said acts and by diverting the funds from the loan account and thus caused loss of Rs. 1528.05 crore (approx) to the said  consortium of the banks.

The account was classified as NPA in the books of accounts of Bank of India with effect from Mar 31, 2014 due to overdue status of the account in line with IRAC guidelines. The account was red flagged by the Bank of India, as advised by RBI in May, 2015 and was declared fraud in February, 2016.

Searches are being conducted today at various premises of accused including at Kangra(Himachal Pradesh), Paonta Sahib, District Sirmaur in the state, CBI spokesperson added.


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