The CBI has registered four separate cases related to bank fraud of around Rs 940 crore and conducted searches in each case.
One of these cases was registered on complaint from Bank of India against Ahmedabad-based private firm Electrotherm (India) Ltd and others including its directors, unknown public servants and unknown others on the allegations of causing loss of Rs 631.97 crore to Bank of India in the matter of various credit facilities, the CBI said in a statement.
It was further alleged that during the period 2012 to 2016, the directors of the borrower company were enjoying fund based and non-fund based credit facilities from Bank of India.
The Forensic Audit of the company (conducted by the bank) revealed that the company was allegedly involved in diversion / siphoning off funds through its subsidiary / associate companies which were having common directors, it said. The company was also allegedly involved in transactions with suspicious dealers involved in issuing false bills without actual delivery of goods.
It was also alleged that the company started facing liquidity problems and failed to pay the dues to the bank. Subsequently the account was classified as Non Performing Assets (NPA) with outstanding amount of Rs 631.97 crore, thereby, causing loss to the Bank of India.
The second case was registered against a private company based at Prakasam (Andhra Pradesh) BK Threshers Pvt Ltd and others including its chairman; five directors, two more firms, unknown public servants and unknown private persons on complaint from Union Bank of India, Vishakhapatnam (Andhra Pradesh), the CBI said. It was alleged that the accused private company and its directors in conspiracy with others fraudulently availed credit facilities by submitting false/manipulated financial statements, diverted loan proceeds and thereby caused loss of Rs 228.02 crore to the Bank, it said.
The third case was registered against a private company based at Banjara Hills, Hyderabad, (Telangana) Vijaya Aero Blocks Pvt Ltd and others including its directors; private persons unknown public servant(s) and private person(s).
During the period 2014 to 2017, the company and accused directors and others wilfully defaulted in repayment and caused loss to the tune of Rs. 44.60 crore to the bank.
The fourth case was registered on a complaint from Punjab National Bank against a private company based at Raisen (Madhya Pradesh) Vindhya Cereals Pvt Ltd and others including its directors on the allegations of causing loss of Rs 35.55 crore to the bank.