CBI
CBI recovers huge assets in alleged bank fraud case
New Delhi/UNI: The Central Bureau of Investigation (CBI) recovered huge assets including cash, gold bars and coins, besides documents during a two-day search in various locations including Bangalore, Ghaziabad and Delhi in a case related to alleged bank fraud, the federal probe agency said on Friday.
The CBI recovered cash of Rs 80.30 lakh, fixed deposits worth Rs 8.84 crore, gold bars and coins of Rs 35 lakh, documents related to several properties valued at Rs 38.86 crore and huge gold and diamond articles during the searches conducted on Friday at two locations in Bangalore and Ghaziabad and six locations including at Delhi, Noida, Ghaziabad and Gurugram on Thursday.
Apart from the said recovery, several property documents including a large number of lands on lease in 2019 in Hajipur (Bihar), three Luxury cars including a Mercedes Benz and around 13 premium watches including Rado, Rolex, Longines, Bulgari, Swistar, Hublot, Emporio Armani, Ulysse Nardin and Omega were also found, a CBI statement said.
A case was registered against a private company based in New Delhi/Noida and others including its Directors and Guarantors, unknown public servants and unknown others on a complaint from Union Bank of India involving alleged bank fraud of Rs109.17 crore to the consortium of Union Bank of India (lead bank) and Corporation Bank (Corporation Bank now merged with Union Bank of India), the statement said.
The account of the said private company was classified as NPA by Union Bank of India on December 31, 2015, and the erstwhile Corporation Bank on July 2, 2014, it said.
It was further alleged that the said private company had cheated the bank by diverting the bank funds and disposing off assets without the bank’s permission.
The sale proceeds were not allegedly routed through the project specified Escrow/Current Accounts.
It was also alleged that the accused had diverted huge amounts of money from the said borrower company to its related parties and subsidiaries.
The company had allegedly opened accounts in a non-consortium bank in violation of terms and conditions and received huge amounts in those accounts which were subsequently diverted.
It was further alleged that the company had not obtained the NOC from the lender Banks before selling hypothecated flats and had misrepresented the financial figures & information which led to the concealing of material information from the bank, it added.
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