CBI Registers a case against a private company & others for causing an alleged loss of Rs. 63.71 crore (APPROX) to IDBI bank and conducts searches

The Central Bureau of Investigation has registered a case on complaint from IDBI Bank Ltd., NPA Management Group, Mumbai against a private company, private persons and unknown others on the allegations of causing loss of Rs.63.71 crore(approx) to IDBI Bank.
It was alleged that the borrower company and its Promoters entered a conspiracy with others and cheated IDBI Bank by way of misappropriation of funds & criminal breach of trust, manipulation of books of accounts etc. It was further alleged that the borrower company carried out fraudulent sales/purchase transactions, overstated receivables & trade payables resulting in higher drawing power and submitted wrong drawing power statements. An alleged loss to the tune of Rs.63.71 crore (approx) plus expenses & uncharged interest thereon was caused to IDBI Bank.
Searches were conducted at Mumbai and Bhopal at the premises of accused which led to recovery of incriminating property documents, hard disks, locker keys, etc.
Investigation is continuing.

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