The Central Bureau of Investigation has arrested two promoter-directors of a Kolkata and Delhi based private firm in an on-going investigation of fraud cheating banks to the tune of approximately Rs 3,871.71 crore.
A case was registered against a private firm based at Kolkata & Delhi; its Promoters-Directors; other executives and other unknown persons under various sections of IPC on a complaint of UCO Bank relating to the allegations of cheating 14 consortium member banks (lead by UCO Bank) to the tune of Rs. 3871.71 crore.
It was also alleged that the accused had defrauded 14 public sector banks through diversion of funds, showing high cost of false capital expenditure, suspected investment in related companies, falsely inflating debtors, sale at higher price to related / doubtful parties, fraudulent high sea transactions, non compliance with fund utilization, corporate guarantee without permission of consortium members etc.
It was further alleged that there was no genuine business with the debtors/creditors and false bills were issued by/in favour of said private firm. More than 150 shell firms were allegedly arranged through a group of brokers against fixed commission, for obtaining false invoices and diversion of bank funds.