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The Central Bureau of Investigation (CBI) conducted searches at around 188 places across the country on Tuesday. These raids were in connection with some 42 cases related to bank frauds involving around ₹7,200 crore.
CBI officials said that the amount in question in four of these cases is worth over ₹1,000 crore. These raids were conducted across 16 States and Union Territories.
A case was registered against Advantage Overseas Private Limited for causing a wrongful loss of ₹ 1266 crore to the State Bank of India, Bhopal. The company and its senior officials have been charged with cheating, forgery, and criminal misconduct among others. The bank has alleged that accused have engaged in bulk trading of agro commodities and in connivance with unknown bank officials availed facilities worth ₹ 6,000 crore on basis of forced documents.
Another case has been registered against Energo Engineering Projects Limited for causing a wrongful loss of ₹ 1100.73 crore to State Bank of India, New Delhi. It is said that the accused company officials in connivance with unknown bank officials fraudulently availed a credit line facility worth ₹ 1,290 crore by resorting of forgery of documents and falsified accounts.
The CBI also raided premises associated with Surana Industries, Chennai and its promoters for causing a loss of ₹ 1083 crore to a consortium of banks led by IDBI bank, Chennai. The company and its representatives have been accused of manipulating books of accounts by making fictitious entries and diverting funds for purpose other than listed.
JVL Agro industries Limited, Varanasi is also in the CBI net for causing a loss to two banks. The accused has caused the Bank of Baroda a loss of ₹ 518.44 crore and the Punjab National Bank a loss of ₹ 517.99 crore. The officials are accused of submitting a wrong balance sheet for sanction of bank loan.
CBI sources said that the banks involved in all the cases where raids were conducted (including consortium members) are Andhra Bank, Oriental Bank of Commerce, Indian Overseas Bank, SBI, Allahabad Bank, Canara Bank, Dena Bank, Punjab & Sind Bank, PNB, Central Bank of India, Union Bank of India, IDBI Bank, Bank of Baroda, Bank of Maharashtra, Bank of India
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