CBI arrests four for defrauding Oriental Bank

Oriental Bank of Commerce officials allegedly connived to issue L/Cs and co-acceptance bills on the account of Karan Cans Private Limited, the accused firm, drawn on Punjab and Maharashtra Coop Bank Limited, Lakshmi Vilas Bank Limited and Bharat Overseas Bank for the beneficiary firms M/S Pratap Rai and Co and M/S Zorawar Impex Private Limited, of which Ravindra Pratap Rai Doshi and Prashant Mahesh Patel are directors respectively.

After the withdrawal of funds from these banks by the beneficiaries, OBC was not paid. The amounts were siphoned off through cash withdrawals and the funds were transferred to the Bhatia group of companies whose accounts were opened in the same Turbhe branch which had issued the L/Cs. Cash withdrawals of nearly Rs 3.5 crore from these accounts opened or introduced by the Bhatias have been identified in the investigations.

False documents were created and submitted to the banks, and the godown of the accused company M/S Karan Cans Private Limited is actually a vacant plot. Zorawar Impex was not found to be functioning at its given address.

The accused have been remanded to police custody till September 25.