Tag: central bureau of investigation

Two firms cheat banks of Rs 70 cr, CBI lodges cases, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


New Delhi, The Central Bureau of Investigation on Friday registered a case against two private firms and its officials for allegedly cheating banks to the tune of Rs 70 crore.

A CBI official said that case has been registered against a Hyderabad (Telangana) based private company, it’s two Directors, a Guarantor, a Nandyal based private firm and a person.

The official said that the private company based in Hyderabad, had in connivance with others, availed loans from Bank of Baroda, Banjara Hills Branch and later diverted the money for some other use and also for personal gains.

“The accused submitted false stock statements with the bank for concealing their irregularities, falsified their account book and willfully defaulted in repayments. By furnishing fake documents, the accused caused a loss of Rs 61 crore to the bank,” the official said.

The official said that after registering a case, they conducted raids at six different places at Hyderabad, Nandyal, Kurnool and were able to recover incriminating documents against the alleged accused.

Another case was registered against six accused, including three private companies, based in Hyderabad.

He said that the company had availed secured over draft facility of Rs 4 crore and LC of Rs 2 crore with a total limit of Rs 6 crore in 2016 for business purpose from the Union Bank of India.

It was further alleged that after availing the loan, the company committed default in its repayment.

It was a violation of the terms of loan agreement and it’s account slipped into Non-Performing Assets(NPA) in 2018. Later, the bank declared them fraud.

Later, it was found that borrowers had diverted and misappropriated the funds and also mortgaged disputed, unidentified property with an intention to cheat bank. Thus, they caused a loss of Rs 8 crore to the bank.

The CBI conducted raids at several locations and have recovered some evidence against the accused.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,

CBI books 7 for Rs 73 cr fraud at PNB, Indian Bank, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


New Delhi, The Central Bureau of Investigation has registered a case against seven accused, including private firms, for perpetrating a fraud at Punjab National Bank (PNB) and Allahabad Bank in credit facilities and term loans to the tune of nearly Rs 73 crore during 2013.

The accused were identified as S.R. Alcobev Pvt. Ltd, New Industrial Estate, Jagatpur, Cuttack, its Managing Director Ranjan Kumar Padhi and Director Saina Kar; Naina Devi Suppliers Pvt. Ltd, Sainagoue Street, Kolkata, West Bengal (Corporate Guarantor), Chandraghanta Iron and Steel Traders Pvt. Ltd., Shyam Bazar Street, Kolkata, West Bengal (Corporate Guarantor), Brewforce Technologies, East Patel Nagar, New Delhi or Dehradun, Uttarakhand (Supplier) and a civil contractor named Sukanta Kumar Lenka, a resident of Cuttack.

According to the CBI, there is involvement of unknown public servants of Punjab National Bank, among others.

“The accused committed a fraud at Punjab National Bank, main branch, Buxi Bazar, Cuttack and Allahabad Bank, Bhubaneswar branch, in a matter of credit facilities or term loans to the tune of around Rs 73 crore (Rs 40 crore by PNB and Rs 33 crore by Indian Bank, formerly Allahabad Bank) during 2013,” the probe agency said in a statement.

After disbursal of the loan proceeds, the borrowers and guarantors allegedly violated the terms and conditions of the sanction and they neither procured the machineries nor deposited the instalments in time and the account turned into a non-performing asset (NPA).

It was further alleged that the accused, including promoters, directors, guarantors and suppliers, had misappropriated and diverted the loan proceeds with the ulterior motive to defraud the banks to the tune of nearly Rs 140.48 crore (principal amount plus interest as on September 30, 2021).

The CBI conducted searches at the premises of the accused situated at Cuttack (Odisha) and Dehradun (Uttarakhand).

“Further probe is on,” it added.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,

CBI searches premises of ex-MP minister in connection with bank fraud case, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


The CBI conducted searches on Thursday at the premises of Surendra Patwa, a BJP MLA from Bhojpur near Bhopal, after booking him for alleged fraud of Rs 29.41 crore in the Bank of Baroda between 2014 and 2017, officials said.

Patwa was earlier a minister in the Madhya Pradesh government.

The case pertains to a loan of Rs 36 crore taken from the bank for Patwa’s car showroom in Indore — Patwa Automotive Private Limited — which was not repaid to the bank, the officials said.

The Central Bureau of Investigation (CBI) has booked Patwa, a director in the company, and another director, Monika Patwa, they added.

Patwa is the nephew of former Madhya Pradesh chief minister Sunder Lal Patwa. He was also the tourism and culture minister of the state.

“It was alleged that the borrower company had committed fraud during the period of 2014 to 2017 in conspiracy with its directors and unknown public servants and cheated the Bank of Baroda to the tune of Rs 29.41 crore (approx.),” CBI Spokesperson RC Joshi said in a statement.

Searches were conducted at the premises of the accused in Bhopal and Indore, which led to the recovery of incriminating documents, he added.

The CBI has alleged that the firm was extended the working capital loan and a term loan amounting to Rs 36 crore by the Bank of Baroda on September 13, 2014, after taking over the credit facilities extended by the IDBI Bank.

“The said loan account became an NPA on May 2, 2017 and was subsequently reported as fraud to the RBI. The outstanding loan amount was Rs 29.41 crore. It was also alleged that the forensic accounting had revealed siphoning of funds and diversion of funds by the said private company,” Joshi said.

Patwa did not respond to a request seeking his comments on the development. PTI ABS RC



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , , ,

Former YES Bank chief ignored warnings of investment decisions from officials, chargesheet reveals, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


Former YES Bank managing director and chief executive officer Rana Kapoor ignored warnings fromt the treasury and risk management teams, which led to huge losses, the latest charge sheet by the Central Bureau of Investigation showed.

The charge sheet was made public last week, and was reviewed by The Hindustan Times. “Investigation revealed that Rana Kapoor had shown undue personal interest in aforesaid investment and took premeditated decision of investment without discussing the matter with concerned officials, who were having adverse view against such investments,” said the supplementary charge sheet filed by CBI on July 13.

The CBI and Enforcement Directorate (ED) are investigating the loans issued by YES Bank when Kapoor was its MD and CEO (till January 2019).

Furthermore, Kapoor had misled the board through a false declaration on May 17, 2018, to enhance the exposure limit of DHFL from Rs 2,100 crore to Rs 4,000 crore, the chargesheet said. As a result, the board approved investment of Rs 2,000 crores and Rs 700 crore in a public issue of non-convertible debentures of DHFL. This was despite the investment team advising against the issue.

According to the CBI, Kapoors were paid huge bribes by Dewan Housing Finance Corp (DHFL) in lieu of favours extended by the bank. It alleged that a total of Rs 600 crore was paid in the form of investment.

The ED has alleged that loans worth around Rs 30,000 crore, when Rana Kapoor headed the bank, have turned into bad loans and Rs 20,000 crore have become non-performing assets.

So far, the ED has attached assets worth Rs 2,400 crore in the case, which include Rs 900 crore from Kapoors and Rs 1,411 crore from DHFL’s Kapil and Dheeraj Wadhawan.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,

CBI files chargesheet in Rs 209 crore bank fraud, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


JAIPUR: The Central Bureau of Investigation (CB) filed a chargesheet against 18 accused for their alleged involvement in causing a loss of nearly Rs 209 crore to the Syndicate Bank.

In a statement released Wednesday, the agency said the chargesheet has beeen submitted before the court of special judge, CBI cases in Jaipur. The agency named 18 people which included a chartered accountant and former officials of the Syndicate Bank, among others.

The CBI said that it had registered a case back in 2017, following a complaint from the bank’s regional office located in Jaipur, which alleged that 118 loans were sanctioned and disbursed from three branches of the bank located in Jaipur and Udaipur.

“The 118 loans were housing loans, term loans for the purchase of commercial property in World Trade Park (WTP), among others,” the agency said in the statement.

As per the agency, an Udaipur-based CA, identified as Bharat Bomb, along with his employees and others hatched a conspiracy with bank officials in Jaipur and Udaipur to sanction various credit facilities.

“The accused thereby cheated the bank to the tune of Rs 209.93 crore (approximately) on the basis of forged and fabricated documents, bills, quotations, certificates, etc. It was also alleged that several of the borrowers were found to be ordinary employees in firms owned by the CA and others, and (they were) not eligible for such high-value loans,” the agency said.

During its investigation, the CBI found that the accused had allegedly approached the bank’s Jaipur branch located on MI Road, seeking term loans for purchasing commercial properties and units at the World Trade Park ltd, on the basis of forged income tax returns showing inflated income of the borrowers, forged quotations, invoices, purchase orders, work orders, and forged CA certificates along with audited financial statements.

It was also alleged that the then manager of the bank’s MI Road branch recommended and the then AGM/branch head to sanction various credit facilities by violating bank guidelines and without exercising due diligence. These bank officials allegedly sanctioned term loans for the purchase of commercial properties, housing properties, and working capital term loans to various individuals, firms, and companies linked to the accused.

“Searches were also conducted at various premises of (the) accused. Further investigation is will be done to look into the role of the other accused,” the agency said.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

CBI files chargesheet in Rs 209 crore bank fraud, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


JAIPUR: The Central Bureau of Investigation (CB) filed a chargesheet against 18 accused for their alleged involvement in causing a loss of nearly Rs 209 crore to the Syndicate Bank.

In a statement released Wednesday, the agency said the chargesheet has beeen submitted before the court of special judge, CBI cases in Jaipur. The agency named 18 people which included a chartered accountant and former officials of the Syndicate Bank, among others.

The CBI said that it had registered a case back in 2017, following a complaint from the bank’s regional office located in Jaipur, which alleged that 118 loans were sanctioned and disbursed from three branches of the bank located in Jaipur and Udaipur.

“The 118 loans were housing loans, term loans for the purchase of commercial property in World Trade Park (WTP), among others,” the agency said in the statement.

As per the agency, an Udaipur-based CA, identified as Bharat Bomb, along with his employees and others hatched a conspiracy with bank officials in Jaipur and Udaipur to sanction various credit facilities.

“The accused thereby cheated the bank to the tune of Rs 209.93 crore (approximately) on the basis of forged and fabricated documents, bills, quotations, certificates, etc. It was also alleged that several of the borrowers were found to be ordinary employees in firms owned by the CA and others, and (they were) not eligible for such high-value loans,” the agency said.

During its investigation, the CBI found that the accused had allegedly approached the bank’s Jaipur branch located on MI Road, seeking term loans for purchasing commercial properties and units at the World Trade Park ltd, on the basis of forged income tax returns showing inflated income of the borrowers, forged quotations, invoices, purchase orders, work orders, and forged CA certificates along with audited financial statements.

It was also alleged that the then manager of the bank’s MI Road branch recommended and the then AGM/branch head to sanction various credit facilities by violating bank guidelines and without exercising due diligence. These bank officials allegedly sanctioned term loans for the purchase of commercial properties, housing properties, and working capital term loans to various individuals, firms, and companies linked to the accused.

“Searches were also conducted at various premises of (the) accused. Further investigation is will be done to look into the role of the other accused,” the agency said.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

ED arrests Gautam Thapar of Avantha Group, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


The Enforcement Directorate (ED) on Tuesday late evening arrested Gautam Thapar, promoter Avantha Group of Companies under the Prevention of Money Laundering Act (PMLA).

He will be produced before a local Court on Wednesday where ED will seek his custodial interrogation. As per available information, ED had raided premises of Gautam Thapar on Tuesday.

The federal agency had launched a money laundering probe on the basis of an FIR registered by the Central Bureau of Investigation (CBI) against Gautam Thapar and others for allegedly defrauding Yes Bank.

The CBI had booked Thapar and others including their Directors/Promoters and unknown persons of private companies/bank officials for causing an alleged loss of Rs. 466.51 crore (approx) to Yes Bank.

Those booked by the CBI included M/s Oyster Buildwell Pvt. Limited, Gurugram and its holding company M/s Avantha Realty Ltd., its Directos/promoters viz. Raghubir Kumar Sharma, Rajendra Kumar Mangal, Tapsi Mahajan, Gautam Thapar and unknown officials of private companies/bank.

It was alleged that Avantha Realty had availed a term loan facility of Rs. 515 crore (approx) from Yes Bank Limited in December, 2017. The loan amount was declared as NPA on October 30, 2019.

Further, the borrower was allegedly declared ‘Red Flagged Account’ on March 6, 2020 on the basis of Early Warning Signals (EWS). It was also alleged that the accused including said private company & its Holding Company, its Directors/promoters and others committed breach of trust, cheating, criminal conspiracy, forgery for diversion/misappropriation of the public money during the period from 2017 to 2019, thereby causing loss to the tune of Rs. 466.51 crore (approx) to Yes Bank, as per CBI’s FIR.

It might be mentioned here that last year the CBI had registered an FIR against Gautam Thapar and Avantha Group. The said FIR, registered in March last year, alleged criminal conspiracy, cheating, and obtaining illegal gratification against Rana Kapoor, former Managing Director of YES Bank and his kin.

“It was alleged that Rana Kapoor conspired with the others named in the FIR to obtain illegal gratification in the form of a bunglow at Amrita Shergill Marg, New Delhi, by paying only Rs 378 crore (approximately) through Bliss Abode Private Limited, where Rana’s wife was one of the two directors,” said the CBI FIR registered last year.

“This property was immediately thereafter mortgaged to India Bulls Housing Finance Limited for a loan of ?685 crore (approximately). It was further alleged that much less consideration than the market value was paid to Avantha Realty Ltd for relaxation in other existing loans of Avantha Group of companies and for advancing new/additional loans to Avantha Group of companies,” the FIR added.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , ,

CBI files cases against Delhi based private firms, directors, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


The Central Bureau of Investigation (CBI) registered a case against two Delhi-based private firms, including their directors or promoters, for allegedly defrauding Yes Bank of Rs 466.51 crore.

Raghubir Kumar Sharma, Rajendra Kumar Mangal, Tapsi Mahajan, their companies Oyster Buildwell Pvt Ltd and Avantha Realty Pvt Ltd, and officials of Jhabua Power Ltd have also been booked by the CBI for allegedly defrauding Yes Bank of over Rs 466 crore in 2017-19.

The CBI alleged that the accused engaged in a criminal conspiracy, criminal breach of trust, cheating, and forgery for diversion of public funds to the tune of ₹466.15 crore.

After filing a FIR against Gautam Thapar, Avantha Realty, and others for alleged diversion of over ₹466 crore from Yes Bank, the investigating agency conducted searches in 14 places including Delhi-NCR, Secunderabad, and Kolkata.

The agency alleged that a loan of ₹400 crore was sanctioned to Avantha Realty in March 2016 for 10 years despite its poor financial condition.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , ,

ED attaches assets worth Rs 20.25 cr in possession J-K industrialist in Bank of India loan case, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


Directorate of Enforcement (ED), has provisionally attached assets worth Rs 20.25 crores in the form of immovable properties in possession of one of the accused Raj Kumar Gupta, an industrialist in Jammu and Kashmir in Bank of India loan case.

The case involves siphoning off of funds to the tune of Rs 91.63 crores (through companies/firm namely Jhelum Infra Projects India Private Limited- Rs 39.70 crore, M/s Jhelum Industries – Rs 33.83 crores and I. D SoodIspat Private Limited- Rs 18.10 crores).

“The loan accounts were classified as non-performing assets (NPA) on December 31, 2014,” stated the press release by ED on Thursday.

ED initiated an investigation on the basis of FIRs registered by Central Bureau of Investigation, Jammu under section 120-B read with section 420 and 409 of Ranbir Penal Code, 1989 (pari-materia sections under IPC).

The investigation so far has revealed that huge amount of cash of Rs 20.87 crore was withdrawn from the loan accounts and accounts of various sister concerns. Further, funds to the tune of Rs 18.47 crores were siphoned off through accounts owned and controlled by Raj Kumar Gupta and his family members and through bogus accounts in the name of his employees opened specifically for the purpose of siphoning off of funds of loan accounts. The remaining funds were utilised for making payments to different individuals for a non-business purpose.

The attached properties include land admeasuring 44 kanals 10 marlas at village Kartholi, district Samba of worth Rs 7.59 crores and land admeasuring 491 kanals 16 marlas in tehsil Pampore, district Pulwama of worth Rs 12.66 crores.

Further investigation, in this case, is under progress. (ANI)



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

Coastal Projects accused of duping SBI, other banks by manipulating accounts, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


The Central Bureau of Investigation (CBI) on Saturday booked Coastal Projects Ltd and its directors in a bank bank fraud worth over Rs 4,736 crore in a consortium of banks led by the State Bank of India (SBI).

The complaint from the SBI, now a part of the FIR, has alleged that the accused construction company, during the five year period between 2013 and 2018, falsified account books and financial statements to show unrealisable bank guarantee amounts as realisable investments, the CBI said.

The Hyderabad-based company also allegedly gave wrong information on promoters’ contribution, converted receivables from related parties to investments to siphon off bank funds.

The loan account of the company became a NPA with retrospective effect from October 28, 2013 and subsequently declared fraud on February 20 last year.

Searches were conducted at the residential and official premises of the accused at Hyderabad and Vijayawada, which led to the recovery of several incriminating documents and other material evidence.

(with inputs from PTI)



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , ,