Money & Banking

Ahmedabad-based company faces CBI probe for cheating SBI

PTI New Delhi | Updated on January 22, 2018 Published on November 04, 2015

CBI has registered a case of cheating against an Ahmedabad-based company and others for allegedly defrauding State Bank of India to the tune of Rs 430 crore by submitting forged bills.

CBI sources said the case has been registered against ABC Cotspin Pvt Ltd and its directors and searches have been carried out at six places at Mumbai, Rajkot and Ahmedabad.

It is alleged that the accused persons during the period 2012 to 2015 entered into criminal conspiracy to cheat the SBI, Rajkot Branch, CBI spokesperson said.

“In pursuance of the said conspiracy, the firm presented and got discounted 203 bills aggregating to Rs 396.43 crore from the said bank without attaching the shipping bills as evidence of the export. The public servants had allegedly discounted the bills without obtaining the requisite shipping bills and thereby caused a loss of Rs 430 crore (approx) to the State Bank of India,” CBI spokesperson said.

Published on November 04, 2015
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