The Central Bureau of Investigation (CBI) has registered a case of bank fraud involving alleged wrongful loss $62.42 crore to the Indian Bank against a Mumbai-based company, its partners, unidentified 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, Ashima Manoj Khushalani and Rakesh Kumar Singh.
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It has been alleged that the accused persons entered into a criminal conspiracy, cheated and falsified accounts by submitting inflated debit figures and other false financial information to the banks and thereby obtained higher cash credit facilities from Indian Bank and another bank, thereby causing wrongful loss of approx. $62.42 crore to the complainant bank.
After registering the case, the CBI conducted searches on June 20 at multiple places linked to the company’s partners in Mumbai and other locations, according to search warrants issued by the Special Court for CBI Cases in Mumbai.
During the searches, incriminating documents relevant to the investigation were found and seized. Initial scrutiny of the seized materials indicates the presence of indebted entities whose credentials are being verified. Documents related to the alleged inflation of debtors’ numbers to benefit from enhanced credit facilities were also seized.
The investigation continues to ascertain the full extent of the conspiracy, determine the role of all persons involved, including public officials and individuals, and trace the ultimate use of the loan funds.
Earlier, the CBI had conducted inspections on June 19 at eight locations in Kolkata, West Bengal, in connection with three separate cases registered against Tantia Construction Limited, Brahm Alloys Limited and Amrit Feeds Limited.
According to the statement, in the case of Tantia Construction Company Limited, inspections were conducted in the residential buildings of the company’s directors. The raids resulted in the seizure of documents incriminating the accused, and the investigation is still ongoing.
The case relates to defrauding Punjab National Bank (PNB) to the tune of Rs 73 crore in the matter relating to cash credit and term loan facilities obtained from the bank.
