The Central Bureau of Investigation (CBI) on Saturday took major action in two big bank fraud cases of more than Rs 231 crore and simultaneously raided several locations in Maharashtra and Gujarat. This action was taken in two separate cases registered by the Bengaluru-based CBI’s Bank Securities and Fraud Branch (BSFB). The first case is related to RL Jewels Ltd and its directors. This case has been registered on the complaint of State Bank of India (SBI).
It is alleged that the company and its responsible people defrauded the bank and caused a loss of about Rs 103.58 crore. Investigation has revealed that the funds received from the bank were misused, the amount was diverted by transferring it to the accounts of other banks and the records of the company were also allegedly falsified.
Case registered on complaint of Canara Bank
The second case is related to Ashapura Garments Ltd. This case was registered on the complaint of Canara Bank. It is alleged that the company and its directors conspired with a consortium of banks and committed a fraud of Rs 128.23 crore.
diverted bank money
According to the investigating agency, the bank credit facilities provided for the textile business were used in other businesses. It is alleged that the company diverted the bank’s money elsewhere by making big transactions with companies involved in the business of steel, aluminum and coal.
Raids at many places in Maharashtra-Gujarat
CBI raided several locations in Maharashtra and Gujarat in both the cases. During the action, the houses, offices and companies’ premises of the accused were searched. In the raid, the investigating agency has found many important documents, digital records and evidence related to fund diversion. CBI is now investigating these documents to find out what was the entire network of the scam, where the money was sent and who played a role in this conspiracy. At present the investigation of both the cases is going on.
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