CBI lodges case over duping IDBI Bank of Rs 63.71 crore

According to the CBI officials, the case was registered based on the complaint from IDBI bank limited against SPG Multitrade Private Limited, Madan Lal Goyal, Prince Goyal, Shally Prince Goyal and other unknown public servants and private individuals.

Late on Wednesday, CBI issued a press release which read, “It was alleged that the borrower company and its promoters entered a conspiracy with others and cheated IDBI Bank by way of misappropriation of funds and criminal breach of trust, manipulation of books of accounts etc. It was further alleged that the borrower company carried out fraudulent sales/purchase transactions, overstated receivables and trade payable resulting in higher drawing power and submitted wrong drawing power statements.”

This caused a loss of Rs 63.71 crore along with other expenses and uncharged interest to the IDBI bank, the statement said.

Accordingly the CBI officials carried out searches at Mumbai and Bhopal at the premises of the accused named in the FIR following which incriminating property documents, hard disks, locker keys, etc were recovered.