The Central Bureau of Investigation (CBI) has registered two separate circumstances associated to financial institution fraud to the tune of Rs. 7926.01 crore (approx) and Rs.313.79 crore (approx). The primary case has been registered towards a Hyderabad-based non-public firm and others together with its CMD, Extra Administrators, unknown public servants and others on a criticism from Canara Financial institution.
It was alleged that the non-public agency based mostly at Hyderabad and its administrators had availed credit score services on a number of banking preparations. The consortium was shaped with different banks, led by Canara Financial institution. It was additional alleged that the accused had concerned in falsification/fabrication of books of accounts, fudging of inventory statements, tampering of steadiness sheets, round-tripping of funds, and so forth.
It was additionally alleged that the accused misappropriated financial institution’s funds and diverted the mortgage quantity sanctioned by the banks, inflicting a lack of Rs. 7926.01 crore (approx) to Canara Financial institution and different member banks. The account had turn into NPA and the fraud was reported.
Searches have been performed on the premises of personal firm/different accused at Hyderabad and Guntur, which led to a restoration of incriminating paperwork.
The second case has been registered towards a non-public firm based mostly in Chennai and others together with its Chairman, Director, unknown public Servants and personal individuals on a criticism from State Financial institution of India (SBI). It was alleged that the borrower firm represented by its Chairman and Director availed credit score limits of Rs.310 crore (approx) from SBI. It was additional alleged that the mortgage quantity have been diverted to associated events. The account grew to become NPA and declared as fraud. An alleged lack of Rs.313.79 crore (approx) was triggered to financial institution. Searches have been performed on the premises of the accused in Chennai. In the meantime, additional investigation in each circumstances is underway.