CBI registers Rs 121 crore bank ‘fraud’ case against Ahmedabad-based private company, directors

The FIR stated that the bank gave “the borrowers ample opportunity to raise objections against the findings of the forensic audit”. However, even after hearing the submissions of the accused, “the bank classified the accounts of the company as fraud” and filed the complaint with the CBI.

The CBI statement said, “It is alleged in the complaint that the directors of an Ahmedabad-based private company, in a well-planned conspiracy with unidentified officials of Bank of India with dishonest intention, caused wrongful loss to the bank to the tune of Rs121.60 crore.” According to the CBI statement, searches were conducted by the central agency at three locations in Ahmedabad and Gandhinagar on Wednesday, which led to the recovery of allegedly incriminating documents. Further investigation into the matter is underway.