CBI books pvt firm for duping, causing Rs 428.50-cr loss to private bank

The Central Bureau of Investigation (CBI) has registered a case against a private company and its directors for allegedly duping and causing loss of Rs 428.50 crore to the Canara Bank. The agency subsequently carried out searches at seven locations, including Mumbai and Kutch in Gujarat, on Thursday at the premises of the accused following which incriminating documents and articles were recovered.

The CBI officials revealed that the case was registered on the complaint of Canara Bank. It has been alleged in the complaint that the private company and the directors named in the FIR conspired to cheat the bank. The alleged cheating took place between 2009 and 2016.

“The persons named approached the bank for sanction of various credit facilities and misrepresented the books of accounts, misutilised the funds of the bank and diverted receivables from its debtors,” read the press note issued by the CBI.

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It was further alleged that the loan amount received from the bank for various projects was utilised for purposes other than for which it was availed, causing a loss of Rs 428.50 crore to the bank.

The CBI then conducted searches at the premises of the accused in Mumbai and Kutch, which led to recovery of incriminating documents and articles.