CBI registers case against former UCO Bank chairman Arun Kaul

The Hush Post: The Central Bureau of Investigation (CBI) has registered a case against former chairman of UCO Bank and many business officials for causing a loss of Rs 621 crore to the bank.

The allegations are of criminal conspiracy which has caused a loss of Rs. 621 crore approximately ($95.17 million). As per the information received, officials at the bank connived with private infrastructure firm Era Engineering Infra Ltd, and investment banking firm Altius Finserve Pvt Ltd, to siphon bank loans. Arun Kaul, the bank’s chairman between 2010 and 2015, was instrumental in helping clear the loan.

Since Nirav Modi and a host of other scams which came to light in February, this banking fraud is being dubbed as yet another scam in the banking history of India.

The CBI has charged Kaul and other officials and accountants at the two companies with criminal conspiracy to commit fraud with the bank by diverting Rs 6.21 billion and siphoning loans.

The offices of the companies involved, officials and accountants and the residences of the accused are being searched to get closer to the truth in this bank fraud.

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