FIR against two Punjab-based companies for defrauding the Bank of India
The Hush Post: The Central Bureau of Investigation (CBI) has registered an FIR against two Punjab-based companies for defrauding Bank of India (BoI) to the tune of Rs 89.31 crore.
Raids have been conducted all over Punjab by the CBI to seize evidence and documents against the two companies. Raids were conducted in Hoshiarpur, Gurdaspur, Amritsar and Pathankot. Many documents and details were taken in by the CBI as evidence against the defaulting companies.
The CBI was acting on a complaint from the Bank of India. Post this, the CBI registered two cases against the concerned companies.
The first case pertains to Gurdaspur-based Nangli Rice Mills Private Limited. The CBI has registered a case against its four directors, Neha Gupta & Associates and others for cheating the bank of Rs 61.01 crore.
The second case also pertains to Gurdaspur-based Nangli Agro Tech Private Limited. Here the case has been registered against four directors of the company as also V.B. Aggarwal & company and unknown public servants. These people have been accused of cheating the bank to the tune of Rs 28.30 crore.
The modus operandi used in both cases is very similar. The CBI has alleged that the companies compelled Bank of India to sanction credit facilities after showing forged/fabricated stock statements and balance-sheets. Post maturity of the loan, the companies have still not repaid the same.
Meanwhile, as per a report by proxy advisory firm Institutional Investor Advisory Services (IiAS), the domestic banking sector reported a total of 12,553 fraud cases worth Rs 18,170 crore in fiscal 2016-17.
Bank of Maharashtra registered the highest number of such cases 3,893 cases of fraud, private sector lender ICICI Bank came second with 3,359 cases and HDFC Bank third with 2,319 fraud cases, in the last financial year.