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CBI raids Bhushan Steel promoters' premises in bank fraud case

PTI New Delhi | Updated on April 06, 2019 Published on April 06, 2019

Bhushan Power & Steel is among the top 12 defaulters referred for insolvency proceeding by the Reserve Bank of India   -  REUTERS

The searches were carried out at multiple locations in a number of cities, including the Delhi-NCR, Chandigarh and Kolkata at office and residential premises of the company,

The CBI carried out searches in multiple cities on Saturday at the premises of Bhushan Steel and Power Ltd after registering a case against them for alleged cheating amounting to ₹ 2,348 crore , officials said.

The searches were carried out at multiple locations in a number of cities, including the Delhi-NCR, Chandigarh and Kolkata at office and residential premises of the company, its directors and promoters and their associates, they said.

The agency has booked the firm, it’s directors, unidentified public servants and other private persons in the case.

“It was alleged that the accused entered into a criminal conspiracy among themselves and with unknown public servants and others to cheat banks/financial institutions/govt exchequer,” a CBI spokesperson said.

It is alleged that the directors of the company allegedly diverted huge amount of bank funds using their companies and shell companies.

The company deliberately defaulted in repayment and also claimed inadmissible credit causing a loss of ₹ 2,348 crore to the banks.

Published on April 06, 2019

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