Last Update: January 12, 2023, 22:25 IST
Cases were registered on complaints from Canara Bank, Punjab National Bank, IDBI Bank Ltd and Exim Bank on allegations of fraud totaling Rs 217.37 crore (Representational Image)
Searches were conducted at 12 locations in Mumbai and one each in Daman, Kutch, Noida and Delhi
The CBI on Thursday carried out searches at the premises of PSL directors and others at 12 places in several cities after registering four separate cases of alleged bank fraud of Rs 217 crore, officials said. He said that the CBI seized cash – USD 90,413 and Rs 1.99 crore during the searches.
He said that on the complaints of Canara Bank, Punjab National Bank, IDBI Bank Ltd and Exim Bank, cases were registered on charges of fraud totaling Rs 217.37 crore (approx).
He said searches were conducted at 12 locations in Mumbai and one each in Daman, Kutch, Noida and Delhi.
The first case is related to Canara Bank, which is of 100 crore rupees. 30.49 Crore (Approx). CBI spokesperson said, “It was further alleged that the said private company which was in the business of pipe manufacturing and pipe coating, availed credit facilities from E-Syndicate Bank and thereafter diverted the funds to its subsidiary companies.” gave.”
The second case pertains to an alleged fraud of Rs 51.90 crore in Oriental Bank of Commerce (now merged with Punjab National Bank). 51.90 crore (approx), the official said.
“It was further alleged that the said private company availed credit facilities to execute the work orders received from GAIL and NTPC.
“It is also alleged that the accused deliberately misappropriated the funds received from the projects of GAIL and NTPC without informing Oriental Bank of Commerce,” he said.
The CBI said the third case pertains to the alleged defrauding of IDBI Bank Limited to the tune of Rs 29.06 crore (approx).
“It was further alleged that the loan obtained from the bank for various projects of the company was utilized for purposes other than those for which it was sanctioned, such as repayment of dues to other banks,” the CBI said. Etcetera.”
The company and its officials were accused of allegedly defrauding the Export Import Bank of India to the tune of Rs 105.92 crore India (Exim Bank).
It was further alleged that the accused availed credit facilities for executing work orders, but knowingly diverted the funds received for other purposes.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)