CBI ARRESTS TWO PROPRIETORS OF MUMBAI BASED FIRMS FOR CAUSING LOSS TO BANK OF INDIA

Press Release
New Delhi , 11.04.2012

            The Central Bureau of Investigation has arrested two proprietors of Mumbai based financial firms for their alleged involvement in a fraud with Bank of India, Borivali East Branch to the tune of Rs.27.50 Crores (approx).

 

            It was alleged that these accused persons in criminal conspiracy with each other presented forged Letter of Credits (LC) to the Bank of India, Borivali East Branch, Mumbai during the month of March, 2011 and furnished forged invoices against the forged LCs purportedly issued by Bank of Baroda, Hamidia Road Branch, Bhopal. A loss of Rs.27.50 crores was caused to the bank. Their involvement in another fraud in Bank of India, Chakla Branch, Mumbai is also under investigation.

 

            Searches were conducted at various premises in and around Mumbai resulting in recovery of cash of Rs.36 Lakh; documents regarding investments made in various foreign countries besides incriminating documents.

 

            Further investigation is continuing.

********