Bank fraud cases: CBI searches at 187 locations across the country

Agency sources said that around 35 cases related to bank frauds have been registered so far. 
CBI Headquarters (File Photo | PTI)
CBI Headquarters (File Photo | PTI)

NEW DELHI: The Central Bureau of Investigation (CBI) on Tuesday conducted raids at 187 locations across the country in connection with various bank fraud cases estimated to be worth over Rs 7,000 crore.

Searches were conducted in Andhra Pradesh, Chandigarh, Delhi, Gujarat, Haryana, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Punjab, Tamil Nadu, Telangana, Uttar Pradesh, Uttarakhand and Dadra and Nagar Haveli.

CBI officials said the raids were conducted in connection with 42 cases of bank frauds. Some of the banks concerned are SBI, Andhra Bank, Oriental Bank of Commerce, Indian Overseas Bank, Allahabad Bank,

Canara Bank, Dena Bank, Punjab & Sind Bank, Punjab National Bank, Central Bank of India, Union Bank of India, IDBI Bank, Bank of Baroda, Bank of Maharashtra and Bank of India.

Sources said about 170 teams conducted the raids and were accompanied by financial experts and auditors who would identify loan documents of the alleged defaulters.

The decision to conduct the raids was taken at a high-level meeting on Monday, agency officials said. The raids come after the Centre’s directive to take strict action in the wake the Rs 13,000 crore PNB fraud involving diamond merchant Nirav Modi and his uncle Mehul Choksi.

The agency hopes to ascertain money trails after which information is likely to be shared with other agencies.

One of the major cases in connection with which the raids were carried out includes a case registered against a Mumbai and Bhopal based private company, its five directors/additional director/guarantors and unknown public servants.

They are facing allegations that the accused engaged in bulk trading of agro commodities in connivance with unknown bank officials and others, fraudulently availed credit facilities of Rs 6,000 crore (approx.) from SBI in Bhopal through falsification of accounts and forgery of documents and caused a loss of Rs 1266.63 crore to the bank.

Another case connected to the raids was registered against two private companies based at Nehru Place in Delhi, its chairman, managing director; director and other unknown public servants/private persons.

The directors and guarantors allegedly engaged in engineering procurement and construction, in connivance with bank officials, availed credit facilities of Rs 1,290 crore from SBI through falsification of accounts and forgery of documents and caused a loss of Rs 1,100.73 crore to the bank.

Related Stories

No stories found.
The New Indian Express
www.newindianexpress.com