CBI FILES A CHARGESHEET AGAINST THEN CHAIRMAN & MANAGING TRUSTEE OF A PRIVATE TRUST AND OTHERS FOR CAUSING AN ALLEGED LOSS TO UNION BANK OF INDIA

Press Release
New Delhi, 28.06.2017

            The Central Bureau of Investigation has recently filed a chargesheet against then Chairman & Managing Trustee of a private Medical & Educational Trust based at Chennai; a private person and said Chennai based private Medical & Educational Trust U/s 120-B r/w 420, 468 & 471 of IPC for causing an alleged loss to Union Bank of India.

            CBI had registered a case on 28-07-2016 against Chairman & Managing Trustee of private Medical & Educational Trust, Chennai and others on a complaint preferred by Union Bank of India U/s 120-B r/w 420, 468 & 471 of IPC. It was alleged that the said Trust had availed a Term Loan and Bank Guarantee for establishing a Medical College at Thiruvallur District(Tamil Nadu) and did not repay the same thereby causing a loss of Rs.115.21 crore (approx) to the Bank. It was also alleged that the said trust filed false & fabricated Income Tax Returns of the Chairman & Managing Trustee and Trustee of the said Trust, constructed few Medical College buildings on the land property which was not mortgaged with the bank and diverted funds for the purpose other than for which it was sanctioned.

            After thorough investigation, a chargesheet was filed in the Designated Court at Chennai.

            The public is reminded that the above findings are based on the investigation done by CBI and evidence collected by it. Under the Indian Law, the accused are presumed to be innocent till their guilt is finally established after a fair trial.






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