Economic Fraud
CBI Raids 8 Places As It Begins Probe In Two Separate Cases of Bank Fraud Of Over Rs 200 Cr
New Delhi: The Central Bureau of Investigation on Wednesday registered two separate cases related to bank frauds and conducted searches at eight locations in Delhi, Ahmedabad, Gandhinagar and Gurgaon. Collectively the scam is estimated to be running over Rs 200 crore.
The first case was registered against a private company based at Ahmedabad – Archon Engicon Ltd and others including the Directors of the firm and unknown public servants on a complaint from State Bank of India. It was alleged that the said company was in the business of construction, erection and commissioning of power transmission and telecom towers since 2004.
CBI officials said State Bank of India, Ahmedabad Branch (including E- State Bank of Patiala) had sanctioned various credit facilities to the company. Along with SBI (lead Bank), other banks including Bank of Baroda, Bank of India, Dena Bank and IDBI Bank had sanctioned credit facilities to the company under consortium banking arrangement.
Also Read: CBI Raids Faridabad Based Company For A Rs 236 Cr Bank Fraud
It was further alleged that during the period from 2014-15 to 2016-17, the accused entered into conspiracy and after availing the said limits, the accused diverted the sanctioned facilities by falsifying books of accounts and issuing bogus invoices and thereby causing loss of Rs 182.37 crore (approx) to SBI.
Searches were conducted at Ahmedabad (Gujarat) and Gurgaon (Haryana) at the premises of accused which led to the recovery of certain incriminating documents including foreign currency of various countries, details and keys of lockers, details of Investment in securities, Mutual Funds & other investment and cash of Rs 42 lakh (approx).
The second case was registered on a complaint from Indian Overseas Bank against a Delhi based company M/s Goyal Engineering Polymers Pvt.Ltd.,New Delhi and others including its Directors. In its complaint, Indian Overseas Bank alleged that the accused defrauded them by giving improper information and falsification of documents. It was further alleged that the firm carried out substantial wrongful transactions with sister concerns showing wrongful use of borrowed funds and diversion of funds to sister concerns, thereby causing loss of Rs. 42.72 crore (approx) to the Bank.
Searches were conducted at the premises of accused at three places in Delhi and recovered incriminating documents.
