CBI books Mumbai firm in Rs 62.42 crore bank fraud case with Indian Bank

The CBI has booked Mumbai-based firm One World Sourcing and its partners for allegedly defrauding Indian Bank of Rs 62.42 crore. The accused allegedly used inflated debtor figures and false financial data to obtain higher credit facilities.

The Central Bureau of Investigation (CBI) has registered a bank fraud case involving an alleged wrongful loss of Rs 62.42 crore to Indian Bank against a Mumbai-based firm, its partners, unknown public servants and private persons, officials said.

According to the CBI, the case was registered on June 18 based on a complaint filed by the SAM Branch of Indian Bank in Mumbai against One World Sourcing and its partners, Aashima Manoj Khushalani and Rakesh Kumar Singh. It has been alleged that the accused persons entered into a criminal conspiracy, cheating and falsification of accounts by allegedly submitting inflated debtor figures and other false financial information to the banks and thereby obtained higher Cash Credit facilities from Indian Bank and another bank, causing wrongful loss of approximately Rs 62.42 crore to the complainant bank.

Searches Conducted in Mumbai

Following registration of the case, CBI conducted searches on June 20 at multiple premises linked to the partners of the Firm in Mumbai and other locations, pursuant to search warrants issued by the Special Court for CBI Cases, Mumbai. During the searches, incriminating documents relevant to the investigation were recovered and seized. Preliminary scrutiny of the seized material indicates the existence of debtor entities whose credentials are under verification. Documents relating to the alleged inflation of debtor figures for availing enhanced credit facilities have also been seized. Investigation is continuing to ascertain the full extent of the conspiracy, identify the role of all involved persons, including public servants and private individuals, and trace the end-use of the loan funds.

CBI Raids in Other Fraud Cases

Earlier, CBI had conducted searches on June 19 at eight locations in Kolkata, West Bengal, in connection with three separate cases registered against Tantia Construction Ltd., Brahm Alloys Ltd. and Amrit Feeds Ltd.

According to the release, in the Tantia Construction Ltd. case, the searches were conducted at the residential premises of the Directors of the Company. The searches have resulted in the seizure of incriminating documents, and the investigation is continuing. The case pertains to defrauding Punjab National Bank (PNB) to the tune of Rs.73 crore in the matter related to Cash Credit and Term Loan facilities availed from the Bank. (ANI)

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