LUCKNOW: Two FIRs have been lodged by the anti-corruption unit of CBI in Lucknow against two firms for defrauding two banks of about Rs 45-crore in separate cases.
In the first case, a carton box manufacturing company Krishna Containers defrauded the Bank of Baroda of Rs 32 crore. The company and its partners created accommodative bills without carrying out actual trade and siphoned off the bank funds.
Complainant in the case AGM of the Bank of Baroda Manoj Kumar Yadav alleged that cash credit limit of Rs 32.35 crore was granted to the firm. However, an inquiry found that both sellers and buyers were fake which indicated that there was no physical movement of goods and the bills that were raised were not for genuine business transactions.
Manoj also alleged that Krishna Containers was engaged in import of crude edible oil for which they were sanctioned foreign letter of credit (FLC) facility by the bank. “But the firm was converting the credit facility to cover up the funds which have already been diverted to its associate firms.
An FIR against Dinesh Aroramanaging partner of Krishna Containers, Shalini Arora and unidentified public servants have been lodged under charges of criminal conspiracy, dishonesty, forgery for purpose of cheating, fraudulently using a genuine document and Prevention of Corruption Act.
In the second case, an FIR was lodged against Globix firm for defrauding Punjab National Bank of Rs 12.68 crore. Complainant Arun Kumar Singh of the PNB alleged that Globiz Exim Private Limited was sanctioned a credit limit for trading in agro-commodities on the condition that financial discipline would be maintained, timely repayment would be ensured and submission of stock statement was made mandatory. But the company and borrowers failed to adhere to the terms and conditions.
Arun alleged that a forensic audit was conducted in which same product description number was found on the sale and purchase documents. Besides several other discrepancies were also detected such as product details were missing, there was a mismatch in business profile of vendors and customers and stock records for inward and outward movement of items were missing.
In the first case, a carton box manufacturing company Krishna Containers defrauded the Bank of Baroda of Rs 32 crore. The company and its partners created accommodative bills without carrying out actual trade and siphoned off the bank funds.
Complainant in the case AGM of the Bank of Baroda Manoj Kumar Yadav alleged that cash credit limit of Rs 32.35 crore was granted to the firm. However, an inquiry found that both sellers and buyers were fake which indicated that there was no physical movement of goods and the bills that were raised were not for genuine business transactions.
Manoj also alleged that Krishna Containers was engaged in import of crude edible oil for which they were sanctioned foreign letter of credit (FLC) facility by the bank. “But the firm was converting the credit facility to cover up the funds which have already been diverted to its associate firms.
An FIR against Dinesh Aroramanaging partner of Krishna Containers, Shalini Arora and unidentified public servants have been lodged under charges of criminal conspiracy, dishonesty, forgery for purpose of cheating, fraudulently using a genuine document and Prevention of Corruption Act.
In the second case, an FIR was lodged against Globix firm for defrauding Punjab National Bank of Rs 12.68 crore. Complainant Arun Kumar Singh of the PNB alleged that Globiz Exim Private Limited was sanctioned a credit limit for trading in agro-commodities on the condition that financial discipline would be maintained, timely repayment would be ensured and submission of stock statement was made mandatory. But the company and borrowers failed to adhere to the terms and conditions.
Arun alleged that a forensic audit was conducted in which same product description number was found on the sale and purchase documents. Besides several other discrepancies were also detected such as product details were missing, there was a mismatch in business profile of vendors and customers and stock records for inward and outward movement of items were missing.
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