The Central Bureau of Investigation has registered a case on complaint from Union Bank of India against Kolkata based private company and others including it’s Promoters/ Directors, unknown Public Servants & Private persons on the allegations of bank fraud of Rs. 4037.87 Crore (approx) to the consortium of 20 banks. The Union Bank of India, the Lead Bank, declared the account as NPA on 30.09.2013 and subsequently, the other member Consortium Banks also classified the said account as NPA. The accounts of the said borrower company was declared fraud on 25.10.2019.
It was further alleged that between year 2009 to 2013, the said borrower had submitted manipulated project cost statements and also diverted the bank funds. It was also alleged that the trade receivables mainly includings transactions to related parties and funds were diverted to web of various companies who were dummy accounts, accordingly the borrower was able to siphon off the funds.
Searches were conducted at 16 locations including at Nagpur, Mumbai, Ranchi, Kolkata, Durgapur, Ghaziabad, Vishakhapatnam, etc. which led to recovery of incriminating documents, articles etc. Investigation is continuing.
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