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Massive bank scam: CBI books private firm, others in Rs 1528 crore fraud case involving 16 banks

Large financial institution rip-off: CBI books non-public agency, others in Rs 1528 crore fraud case involving 16 banks | Information

New Delhi: In an enormous rip-off case, the Central Bureau of Investigation (CBI) has booked a Delhi-based non-public agency Indian Technomach for allegedly defrauding 16 banks of funds to the tune of Rs 1528 crore.
The company stated that the corporate, its CMD, different non-public people and public servants conspired to defraud a consortium of 16 banks led by Financial institution of India.
“The Central Bureau of Investigation has registered a case towards a non-public firm M/s Indian Technomach Co. Ltd based mostly at Delhi & having its industrial unit in Himachal Pradesh and others together with Rakesh Kr Sharma, Promoter & CMD; Vinay Kr Sharma, Director/Guarantor & two Company Guarantors, M/s Gurupath Merchandise Ltd.,(Company Guarantor), Kolkata & M/s Thunder Merchants Ltd. (Company Guarantor), Kolkata; Unknown public servant(s)/unknown others on the allegations that the accused conspired with one another to defraud the banks and brought on lack of Rs.1528.05 crore (approx) to the consortium of 16 banks led by Financial institution of India,” the CBI stated in an announcement.
The consortium banks included Financial institution of India, Union Financial institution of India, Andhra Financial institution, Punjab & Sind Financial institution, Indian Abroad Financial institution, State Financial institution of Hyderabad, Central Financial institution of India, Company Financial institution, HDFC Financial institution Restricted, Oriental Financial institution of Commerce, Saraswat Co-operative Financial institution, State Financial institution of Patiala, UCO Financial institution, Allahabad Financial institution, Normal Chartered Financial institution and DBS.
The CBI alleged that the accused, who had been engaged in manufacturing ferrous and non-ferrous steel, obtained loans from the consortium of banks from 2008 to 2013 however later diverted the funds inflicting a lack of Rs 1528.05 crore.
The account was categorized as NPA within the books of accounts of Financial institution of India in March 2014. It was red-flagged by the financial institution as suggested by RBI in Could 2015 after which declared fraud in February 2016.
The investigative company performed searches at varied premises of the accused together with Kangra, Ponta Sahib and Sirmaur in Himachal Pradesh.
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