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CBI Arrests Bank GM for Rs 20 cr Loan Fraud

Published: 17th December 2014 06:02 AM  |   Last Updated: 17th December 2014 06:02 AM   |  A+A-

CHENNAI: The General Manager of United Bank of India, Pranab Kumar Roy, was arrested by the CBI on charges of fraudulent sanction of loan to the tune of `20 crore to a private company.

He was produced before the XI Additional Special Judge for CBI cases and remanded to judicial custody on Tuesday.

According to CBI, Roy, as GM, Southern Regional Office of the bank in Chennai, had abused his official position to sanction a  working capital loan of `20 crore to M/s Capture Systems Pvt. Ltd., for its ‘ethanol turnkey project’ by fraudulently and dishonestly violating all banking norms.

The agency alleged that his action caused a wrongful loss of `9.44 crore to the bank.

Further, Roy was also allegedly involved in many other bank fraud cases in different places, which are being investigated by the CBI in Chennai and Bengaluru as well.

The amount of wrongful loss incurred to the bank in all these cases is  put at `93 crore, said the Central agency in a statement.

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