CBI REGISTERS A CASE AGAINST FOUR ACCUSED FOR CAUSING AN ALLEGED LOSS OF RS.65 CRORE(APPROX) TO STATE BANK OF INDIA AND CONDUCTS SEARCHES

Press Release
New Delhi, 26.05.2017

            The Central Bureau of Investigation has registered a case on the Orders of Hon’ble High Court of Judicature at Madras dated 02.02.2016 in Criminal O.P. No.13835 of 2014 filed by State Bank of India and taken over the investigation of Crime No.1264/2013 dated 05.06.2013 under section 420 of IPC, earlier registered at Race Course Police Station, Coimbatore (Tamil Nadu) against four accused. It was alleged that a private Gold Jewel firm having outlets at three places in Coimbatore was sanctioned with credit facilities of Rs.60 crore on 17.04.2012 by the competent authority of the bank for the purpose of manufacture & sale of gold ornaments / antique jewellery to reputed clients such as MMTC and other local market players. The credit facilities were overdue for renewal since 16.04.2013. It was further alleged that that said credit facilities were secured by the hypothecation of gold & gold ornaments / jeweleries and collaterally secured by deposit of title deeds belonging to the accused promoter directors and the guarantors. The promoter directors allegedly decamped with gold ornaments pledged to the bank since 03.06.2013. The frequent contact with the promoter directors for regularizing the account did not yield any response. It was also alleged that the said accused persons absconded themselves with their family members. The accused persons allegedly defrauded State Bank of India, Commercial Branch, Coimbatore to the tune of Rs.65.00 crore(approx).

             Searches were conducted today at various locations in Chennai & Coimbatore, including the office & residential premises of the accused which led to recovery of hard discs, lap top and certain sets of incriminating documents.

             Further investigation is continuing.


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