The CBI on Thursday conducted raids in Delhi and Uttar Pradesh’s Bulandshahar district in connection with a bank fraud case of Rs 424.07 crore involving consortium of seven banks led by IDBI.
The Central Bureau of Investigation (CBI) on Thursday conducted raids in Delhi and Uttar Pradesh’s Bulandshahar district in connection with a bank fraud case of Rs 424.07 crore involving consortium of seven banks led by IDBI.
The federal probe agency has filed an FIR against Bulandshahar-based Santosh Overseas Limited, its director Sunil Mittal, few public servants and unidentified persons on a complaint from consortium of 7 banks led by IDBI Bank for fraud of Rs 424.07 crore.
According to the FIR, Santosh Overseas Limited had availed the packing credit from the bank on the fake purchase order. “It was further alleged that the company was maintaining current account with non consortium banks and sale proceeds were routed through these accounts without the knowledge of consortium members,” the CBI said.
The probe agency in its FIR claims that heavy transactions were made with parties who did not have tax identification number.
Sources say that the director of firm Sunil Mittal conspired with other accused to commit the fraud.
Incriminating documents and material have been seized during the raids by CBI officials, sources said.
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