Searches were conducted at the premises of accused at Surat & Mumbai which led to recovery of incriminating documents.
The other case was registered on complaint from Canara Bank, Lucknow against private companies and others including its Directors, Guarantor (all private persons) & unknown public servants. It was alleged that the accused in conspiracy with each other had cheated Canara Bank by defrauding, misappropriating & diverting the loan amount and caused loss to the tune of Rs. 24.82 crore (approx) to Bank. It was further alleged that the private company mortgaged part of collateral security to a Housing Finance Company to secure a loan of Rs 21.26 crore (approx). The account turned NPA on 30.06.2017. It was also accused that the borrower company had sold primary & collateral security without intimating and obtaining NOC from the bank.
Searches were conducted at the premises of the accused including at Lucknow, Faizabad & Ghazipur (Uttar Pradesh) which led to recovery of incriminating documents.
Investigation in both the cases is continuing.