Published On: Wed, Feb 10th, 2021

CBI searches 8 locations in Delhi, Guj, Haryana in 2 bank fraud cases

New Delhi: The Central Bureau of Investigation (CBI) on Wednesday said that it carried out searches at multiple locations in Delhi, Ahmedabad, Gandhinagar and Gurugram in connection with two separate major bank fraud cases.

The first case was registered against Ahmedabad-based power transmission and telecom towers construction firm

A CBI official here said that the first case was registered against Ahmedabad-based power transmission and telecom towers construction firm Archon Engicon Ltd, its directors and promoters Chandrashekhar Balkrushan Panchal, Nehal Chandershekhar Panchal, Ajit Raina, Devendra Singh, Sunil Mishra, unknown public servants and private persons on a complaint from the State Bank of India.

The CBI said that SBI, including State Bank of Patiala, had sanctioned various credit facilities to the company represented by its Managing Director, directors or promoters. Along with the SBI, other banks including Bank of Baroda, Bank of India, Dena Bank and IDBI Bank had sanctioned credit facilities to the company under consortium banking arrangement.

The FIR said that during the period from 2014-15 to 2016-17, the accused entered into conspiracy and after availing the said limits, diverted the sanctioned facilities by falsifying books of accounts and issuing bogus invoices/bills and thereby, causing loss of Rs 182.37 crore to the SBI.

Searches were conducted at Ahmedabad and Gurugram at the premises of accused which led to recovery of certain incriminating documents including foreign currency of various countries, details and keys of lockers, details of investments in securities, Mutual Funds and other investment and cash of Rs 42 lakh.

The official said that the second case was registered on a complaint from the Indian Overseas Bank against Delhi-based Goyal Engineering Polymers Pvt Ltd, others including its Directors Pawan Goyal, Usha Goyal, Gunjan Goyal, Seiji Itagki, Yogi Sakai, unknown public servants and unknown others for defrauding the bank by giving improper information and falsification of documents.

It was further alleged that the firm carried out substantial wrongful transactions with sister concerns or associates, making wrongful use of borrowed funds and diverted funds to sister concerns, thereby causing loss of Rs 42.72 crore to the bank.

The official said that searches were conducted at the premises of accused at three places in Delhi and incriminating documents recovered.

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