In a major banking fraud, prominent banks in the country have been cheated of over 500 crore rupees. The Central Bureau of Investigation (CBI) has registered two separate cases relating to the bank frauds. According to the complaints registered with the probe agency, a consortium of banks including the State Bank of India (SBI) was duped of Rs 452.62 crores and Bank of Baroda of Rs 73 crores.
The first case was registered on the complaint from State Bank of India (SBI) against a private firm based in Gujarat's Ahmedabad and others including its Directors and unknown public servants on the allegations of cheating the consortium of banks including State Bank of India to the tune of Rs 452.62 crore (approximately) during the period 2013 to 2017. It was alleged that during the period between 2013 and 2017, the accused entered into a criminal conspiracy to defraud the consortium of banks comprising State Bank of India, Bank of Baroda, Central Bank of India, Bank of Maharashtra, Punjab National Bank and Vijaya Bank in the matter of various credit facilities extended by them. In pursuance of the said conspiracy, the CBI said the accused manipulated/falsified the books of accounts and diverted/siphoned off the funds of the banks, and thereby cheated the consortium of banks to the tune of Rs. 452.62 crore (approx).
The CBI conducted searches at four places today including official and residential premises of private company/directors at Ahmedabad which led to recovery of incriminating documents and articles.
Meanwhile, the probe agency registered the second case on a complaint from Bank of Baroda against a private company based in Gandhinagar and others including its Directors and unknown public servants on the allegations of cheating the bank to the tune of Rs 72.55 crore (approx) during the period 2017 to 2019.
It was alleged that during the period, the company availed various credit facilities which were enhanced and reviewed by the bank. It was further alleged that the continuous overdraft in the account and devolvement of LCs resulted in the account becoming NPA. It was also alleged that the forensic audit report of the bank had revealed the irregularities in the account and that the directors had diverted/siphoned off the loan proceeds, thereby causing loss to the bank. The probe agency conducted searches at five places including official and residential premises of private company/directors of Gujarat and Mumbai which led to the recovery of incriminating documents and articles.