CBI REGISTERS A CASE AGAINST SIX ACCUSED PERSONS INCLUDING DIRECTORS OF A PRIVATE COMPANY AND OTHERS ON THE ALLEGATIONS OF CHEATING A FOREIGN BANK TO THE TUNE OF RS. 122.49 CRORE (APPROX.)

Press Release
New Delhi, 10.06.2017

            The Central Bureau of Investigation has registered a case against six accused persons including directors/promoters of a private company based at Delhi; a Delhi based private firm and unknown persons on the complaint of The Development Bank of Singapore Limited, New Delhi (a foreign Bank) U/s 120 B, 420, 467, 468, 471 of IPC on the allegations of cheating the said Bank for Rs. 122.49 crore (approx.) between 2007-2012.

            It was also alleged that the private company was in the business of manufacturing of perfumery compounds & trading of agro commodities and the directors of said company arranged firms/companies to show bogus sale & purchase of agro commodities & perfumery compounds. It was further alleged that the stock of perfumery claimed by the Company was Rs 887 crore (approx.). When evaluated by FFDC, it turned out that the alleged value was Rs. 4.83 crore (approx.). The accused also allegedly submitted forged & fabricated documents as well as valuable security to the Bank for enhancement of credit limit.

            Search is being conducted today at the premises of accused in Delhi.

            It may be noted that the said private company had also cheated the consortium member banks for a total amount of Rs. 2240 crore (approx.). Four accused including directors & others of the said Delhi based private company had been arrested by CBI on 11.04.2017 and presently, they are in Judicial Custody. So far, 06 cases have been registered by CBI.

            Further investigation is continuing.

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