Companies

CBI raids UB Group offices

Our Bureau Bengaluru | Updated on January 12, 2018 Published on January 23, 2017

The Central Bureau of Investigation (CBI) carried out raids on the offices of the UB Group on Monday with regard to a money laundering case.

"A CBI team visited the UB Group offices in Bangalore today and we are fully cooperating with them," a UB group spokesperson said in a statement. He did not give further details.

According to sources, the CBI is conducting the raids in connection with a money laundering case. Last week, the debt recovery tribunal in its judgment directed the UB Group to pay around Rs 6,000 crore said to the SBI-led consortium. It has also directed the group to pay interest of 11.5 per cent on the total amount from the date of filing the original application.





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Published on January 23, 2017
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