CBI registers Rs 1,017 cr bank fraud case against Maha-based firm
New Delhi, May 16: The Central Bureau of Investigation (CBI) on Monday said that they have registered a case on a complaint from the State Bank of India (SBI) against a Raigad-based private firm Loha lspaat Limited, its Managing Directors Rajesh Gaurishankar, its Director Rajesh Mohanlal Aggarwal and others on the allegations of causing a loss of Rs 1,017.93 crore to the bank and five other consortium member banks, an official said.
A senior CBI official added that the accused entered into a conspiracy during 2012 to 2017 to cheat the SBI and five consortium member banks by way of availing working capital limit, term loan and NFB limits to the tune of Rs 812.07 crore.
The CBI alleged that the accused in pursuance of the conspiracy, cheated the SBI and other five consortium member banks by way of fictitious sales, purchase transactions and fudging of accounts and also siphoned off the funds resulting into non-payment of outstanding loans to the extent of Rs 1,017.93 crore.
“Searches were conducted at nine places, including at Delhi, Mumbai, Raigad and Thane (Maharashtra) at the residential and official premises of the accused which had led to the recovery of incriminating documents and articles,” said the official.
Further investigation in the matter is underway.
