Central Bureau of Investigation
CBI arrests a CMD of Private Company in an on-going investigation of a case related to fraud of Rs. 289.15 Crore (Approx) to Consortium of Banks
The Central Bureau of Investigation has arrested a Chairman & Managing Director of Private Company in an on-going investigation of a case related to fraud of Rs. 289.15 crore (approx) to consortium of banks.
A case was registered on 25.05.2022 against a private Company based at New Delhi & others including Chairman & Managing Director; Directors; Guarantors and public & private persons on the allegations of causing loss to the tune of Rs. 289.15 crore (approx) to consortium of banks comprising of Bank of India, Union Bank of India, Canara Bank, Bank of Baroda & UCO Bank.
It was alleged that the consortium of said Banks led by Bank of India had granted Term Loan of Rs. 300 Crore to the borrower company between year 2009 to 2014 for construction of a Hotel at Paschim Vihar, New Delhi alongwith commercial spaces. It was further alleged that the accused had sold several Commercial/Retail/Office spaces of the said Hotel-cum-Commercial building to various parties without intimating the lender banks and funds obtained from these buyers were diverted/siphoned off.
Searches were earlier conducted on 27.05.2022 at the premises of the accused which led to recovery of several incriminating documents. During investigation, CBI had examined several witnesses, officials of said borrower company, Bank officials, etc.
The arrested accused was produced before the Competent Court in Delhi and was remanded Police Custody up to 13.07.2023.
Source: CBI Press Release dated 10.07.2023
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