CBI REGISTERS CASE AGAINST TWO DIRECTORS OF A PRIVATE FIRM AND OTHERS FOR CHEATING BANK OF BARODA TO TUNE OF RS.374.49 CRORES

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The Central Bureau of Investigation has registered a case on a complaint from Bank of Baroda U/s 120-B r/w 420 of IPC and 13(2) r/w 13(1)(d) of PC Act, 1988 on the allegations that a Gujarat based private company & its two Directors; 3 bank officials; other unknown Directors of said firm and other unknown persons have committed the offences of criminal conspiracy, cheating & also abuse of official position for causing an alleged loss of Rs.374.49 crores(approx) to Bank of Baroda during 2014-15. It was further alleged that the said private company was sanctioned a Packing Credit facility and also a facility for Foreign bills purchase/discounting under LC.189 Bills were allegedly remained unpaid. On verification from the concerned authorities, it was found that no export had allegedly taken place against 184 bills. Further verification by a Law Firm engaged by the bank, it was also found that stocks were allegedly unavailable in all the three warehouses in China indicated by the borrower.

Searches are being conducted today at 3 places including two in Ahmedabad and one in Mumbai at the premises of accused.

Further investigation is continuing.
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