CBI arrests a managing director of private company in a case related to bank fraud of rs.512.67 crore
AS PER RECENT CBI PRESS NOTE DATED 14-11-2022, CBI ARRESTS A MANAGING DIRECTOR OF PRIVATE COMPANY IN AN ON-GOING INVESTIGATION OF A CASE RELATED TO BANK FRAUD OF RS.512.67 CRORE.
The Central Bureau of Investigation has arrested a Managing Director & Promoter of a private company based at New Delhi in an on-going investigation of a case related to bank fraud of Rs.512.67 crore(approx).
During investigation of the case, CBI had examined several persons including witnesses, officials of private company, Bank Officials, etc. However, the said MD/Promoter of the company was found to be evasive in his replies.
A case was registered on 19.11.2020 against a private company based at Mangala Puri, Palam, New Delhi and others including its Director & Promoter, other Directors; Unknown Public Servants/others on the allegations of causing loss to Banks to the tune of Rs. 512.67 crore(approx). The complainant bank i.e. State Bank of India in its complaint had alleged that the accused cheated the consortium of 06 banks, led by State Bank of India, causing fraud of Rs. 512.67 Crore. It was further alleged that the accused had diverted bank loans to its related parties and deliberately cheated the banks by inflating the debtors of the company.
The said private company was into the business of manufacturing & trading of monoblock pump, submersible pump, batteries, invertors & electrical goods and its Units were at Sonipat (Haryana) & Kala Amb (Himachal Pradesh). The accounts of said Company was declared NPA on 27.02.2017.
CBI had earlier conducted searches on 02.12.2020 at the premises of the accused which led to recovery of several incriminating documents including books of accounts of the said borrower company, purchase / sales details etc.
The arrested accused will be produced before the Competent Court in Delhi.