Mumbai: CBI Registers Case Against Spanco CMD, Director In Rs 103 Crore Fraud Case

Mumbai, September 10, 2020: The Central Bureau of Investigation (CBI) has registered a case against Mumbai based private company, M/s Spanco Ltd, and others including its CMD, Guarantor, then Deputy MD, then Director etc. on a complaint from Central Bank of India for causing an alleged loss of Rs. 103.27 crore (approx.) to the bank.

It was alleged that a fraud was perpetrated in Central Bank of India, by Mumbai based private company and other accused. It was further alleged that the accused entered into a conspiracy with each other & diverted the loan amount to its group company and further transferred to personal accounts of Promoter & family members etc. Thus they cheated Central Bank of India to the tune of Rs. 103.27 crore (approx.)

Searches were conducted at four locations in Mumbai including office and residential premises of accused/company which led to the recovery of incriminating documents.