New Delhi, Oct 22: The Central Bureau of Investigation (CBI) on Friday filed a case against two directors of Indore based private company and unknown public servants on charges of fraud, the agency statement said.
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 Bank of Baroda to the tune of Rs 29.41 crore.
It was further alleged that the private company based in Indore was advanced the working capital loan and term loan amounting to Rs 36 crore by the Bank on September 13, 2014, after taking over credit facilities extended by IDBI Bank. The loan account became A non performing asset (NPA) on May 2, 2017, and was subsequently reported as fraud to RBI, the outstanding loan amount was Rs 29.41 crore, the agency said.
It was also alleged that the forensic accounting had revealed siphoning of funds and diversion of funds by the private company, CBI said.
Searches were conducted at the premises of the accused in Bhopal and Indore which led to recovery of incriminating documents. UNI
CBI files fraud case against two directors of Indore based private company
