The Central Bureau of Investigation (CBI) has registered a case on a complaint from Bank of Baroda filed on behalf of consortium of lending banks against a Private Company having registered office at Mumbai, (Maharashtra) & Corporate Office at Indore (MP), and others including its Directors, unknown public servants etc on the allegations of bank fraud during the period from January 01, 2016 to December 31, 2017.
It was alleged that the accused fraudulently indulged in diversion of funds, speculation transactions, non-routing of sale proceeds in consortium bank accounts, transactions with related parties/sister concerns etc. and thereby caused loss of Rs188.35 Crores (approx) to the lending banks. The other consortium banks such as Punjab National Bank and Jammu & Kashmir Bank have given their mandate to Bank of Baroda to file the complaint with CBI on their behalf.
Searches were conducted on Wednesday at six places including Indore, Mumbai and Bangalore at the premises of accused which led to recovery of various incriminating documents.