CBI conducts searches in on-going cases of bank fraud involving Rs 340 crore

The Central Bureau of Investigation is conducting searches in an ongoing investigation case related to bank fraud.

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New Delhi: The Central Bureau of Investigation has registered a case on a complaint from State Bank of India against a private company (borrower company) based at Delhi/Noida and others including its CMD & unknown public servants/persons for causing an alleged loss of Rs. 219.81 crore(approx) to State Bank of India.

It was alleged in the complaint that the accused, M/s Naftogaz India Private Limited, New Delhi/Noida & Others has cheated the Bank by way of diversion of bank funds, fraudulent transactions, criminal misappropriation, submission of false stock/debt statements etc.

The State Bank of India complaint says that company was incorporated in 2005 starting as EPC contractor for exploration, drilling, extraction and production of mineral oils, natural gas and petroleum products. The alleged fraud came to light when Forensic Auditors submitted the report on 18.02.2020 for the period 01.04.2010 to 31.03.2014.

Searches were conducted by CBI at three locations including Delhi / NCR at the office & residential premises of Borrower Company and other accused.

The other case was registered on a complaint from Punjab National Bank against a private company (Borrower Company) engaged in rice milling activities at Karnal Kaithal Road, Nissing, District Karnal(Haryana) and others including its Directors/Guarantor  & unknown public servants/persons for causing an alleged loss of Rs.121.75 crore (approx) to bank.

It was alleged that the accused, M/s Hari Har Overseas Private Ltd, Nissing, District Karnal (Haryana) & Others had fraudulently sold its stock as well as machinery, which was hypothecated to the bank. It was further alleged that the accused had not deposited the sale proceed with the bank.

It was also alleged that as per the Forensic Audit, the borrower company had falsified its financial data to avail the loan facilities.

Searches were conducted at three locations including official & residential premises of accused at Nissing, Dist. Karnal which led to the recovery of incriminating documents.