Jaipur firm in CBI net for bank fraud

It had entered into an agreement with the bank for offering the services.
Image used for representational purpose only.
Image used for representational purpose only.

HYDERABAD: The Central Bureau of Investigation (CBI) has registered a cheating case against Jaipur-based CGR Collateral Management Ltd (CGRCML) for cheating UCO Bank to the tune of Rs 3.26 crore. CGRCML is responsible for providing procurement services, storage and preservation services, collateral management services, information services and other risk management and inventories in commodity markets. It had entered into an agreement with the bank for offering the services. The bank accused CGRCML of issuing Warehouse Receipt (WHR) to other accused firms and individuals, using which they availed loans from the bank. The UCO bank issued notices for repayment of loans, but to no avail.

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The New Indian Express
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