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Bank fraud case: CBI recovers two paintings worth Rs 5.50 crore, luxurious watches, jewellery | India News

Financial institution fraud case: CBI recovers two work value Rs 5.50 crore, luxurious watches, jewelry | Information

New Delhi: The Central Bureau of Investigation (CBI) on Thursday (July 28) carried out additional searches in reference to a case associated to the alleged lack of Rs. 34,615 crore to a consortium of 17 banks led by Union Financial institution of India. Throughout the search, a portray by FN Souza (1964) and one other by SH Raza (1956) value Rs 5.50 crore (approx); two watches of Jacob & Co & Frank Muller Geneve make value Rs.5 crore (approx) and gold and diamond jewelry together with bangles & necklace value Rs 2 crore (approx) have been recovered, the CBI stated in a press release. 

It was additionally alleged that the promoters had acquired costly gadgets utilizing the diverted funds, the assertion added. 

Throughout the probe, the previous CMD and the previous Director of a non-public firm based mostly in Mumbai had been arrested and are presently in CBI custody. Within the earlier searches carried out on the premises of the accused in varied areas in Mumbai, a number of incriminating paperwork had been seized.

Two work made value Rs.5.50 crore approx; two watches of Jacob & Co & Frank Muller Geneve value Rs.5 crores approx and Gold & Diamond Jewelry together with Bangles & Necklace value Rs.2 crores approx have been recovered: CBI
— ANI (@ANI) July 28, 2022

“A case was registered on 20.06.2022 on grievance from Union Financial institution of India, Industrial Finance Department, Mumbai towards personal (Borrower) firm based mostly at Mumbai, its then CMD, then Director and others together with a non-public individual, personal corporations, unknown public servant(s) & personal individuals on the allegations that the accused cheated a consortium of 17 banks led by Union Financial institution of India to the tune of Rs. 34,615 crore (approx.) by siphoning off loans availed from the stated banks & falsifying the books of stated personal (Borrower) firm and creating Shell Corporations/false entities, which had come to be often called “Bandra E-book Entities”,” the CBI stated. 

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The personal firm and its promoters are accused of making quite a lot of shell corporations and fictitious entities (the Bandra E-book entities) and siphoning off large funds by disbursing them to such “fictitious entities”. “It was additional alleged that separate audits carried out by different personal audit accounting organisations had recognized a number of cases of diversion of funds by the accused for private advantages and falsification of books of accounts to camouflage & conceal doubtful transactions,” the central company added. 

The CBI stated it was additionally revealed within the audits that giant worth loans had been offered to those “fictitious entities with out due diligence and with out securities”. “Situations of sanction and disbursement of loans, merely by e-mail communications had been allegedly discovered for which no mortgage recordsdata had been maintained within the stated personal (Borrower) firm,” the central company stated. Additional investigation is underway within the matter. 

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