CBI reserves private company, current and former directors in fraud and counterfeiting case of Rs 24 cr

The Economic Offenses Branch (EOB) of the Mumbai Unit of the Central Bureau of Investigation (CBI) registered a case of fraud and forgery against a private company for allegedly causing an unwarranted loss of Rs 24.50 crore to the ‘Union Bank of India (UBI).

According to the CBI, a complaint was received from the deputy director general of UBI stating that during the period 2013 to 2019, a private company, its two current and two former directors and unknown officials had concluded a criminal conspiracy. with an intention to deceive UBI into the use of a credit limit on behalf of the company to the tune of Rs 30.50 crore. The company was incorporated in October 2010 and was formed primarily to deal in pharmaceuticals.

“As part of the conspiracy, the defendants submitted false inventory statements made up with false debtor lists and thus prompted the bank to disburse the proceeds of the loan. It is also revealed that the borrowing company and the defendants diverted the loan proceeds into to various associated / related / related institutions without any dealings with them, ”the CBI FIR said.

“Due to the non-payment of bank contributions, the account was classified as a non-performing account in March 2019, with an outstanding amount of Rs 24.50 crore with the aim of deceiving the bank while taking advantage of credit facilities that were misappropriated without its end use through the falsification of information documents and thus caused an unjustified loss to the bank and a corresponding unjustified gain for itself, ”said the FIR.

The agency registered a case under Articles 120B (criminal association), 420 (Cheating and dishonest inducement to deliver goods), 468 (forgery for the purpose of cheating) and 471 (use as authentic of a false document or electronic recording) of The Indian Penal Code and relevant sections of the Corruption Prevention Act.

Posted on: Monday January 03, 2022, 7:00 a.m. IST