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Mumbai: CBI files case against company, directors for cheating bank of Rs 91-cr
Updated On: 07 July, 2023 07:17 AM IST | Mumbai | Faizan Khan
The bank`s Pune branch alleges they submitted falsified stocks-book debts statements and inflated financial figures to secure higher loans which were diverted to affiliated companies instead of being used for intended purposes
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The CBI has not ruled out the involvement of unidentified public servants in the case
In A major development, the Central Bureau of Investigation (CBI) registered a case against a private company and several individuals, including its directors, on allegations of bank fraud on Thursday. The complaint, filed by the Union Bank of India, Pune, accuses the borrower company of manipulating financial statements and diverting funds, resulting in a staggering loss of approximately Rs 91.92 crore to the bank.
The accused company, identified as M/s. K J Infrastructure Projects India Pvt. Ltd., along with its directors - Kalyan J Jadhav, Kalyan Eknath Kakade, Santosh Sambhaji Dhumal, and Amol Maruti Paigude, is alleged to have availed credit facilities from Union Bank of India by submitting falsified stocks-book debts statements and inflated financial figures. This deceitful practice allowed them to secure higher loan amounts, which were subsequently diverted to the accounts of affiliated companies instead of being used for the intended purposes. So far there have been no arrests.
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