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CBI arrests two persons involved in bank fraud case in J&K

Srinagar, Nov 09: The CBI on Wednesday said that it arrested two then directors of a private company in a case related to bank fraud.


In a statement, issued to news agency, a spokesperson said that CBI has arrested two then directors of a private company based at Kathua in the ongoing investigation of a bank fraud case.


The statement reads that a case was registered on 12.02.2020 against the private company and others including its MD, Directors on complaint from SBI, SAM Branch, Ludhiana.


“It was alleged that the accused in conspiracy with unknown officials of State Bank of India, had cheated Bank to the tune of Rs. 87. 88 Crore (total amount with interest of around Rs.121.13 Crore) during the period from 2006 to 2019 by illegally removing machinery and other parts without getting prior permission or without informing the Lender Banks,” it reads.


It reads that the proceeds of such machines, motors etc., had not been deposited in the account. It was further alleged that the accused stealthily removed the imported machinery of Pulp Section and other parts from the factory without the knowledge of the bank.”


It added that it was also alleged that the accused illegally sold machinery parts as scrap and arranged fake invoices to cover up the said illegal sale.


“It was found during investigation that the accused had allegedly diverted funds from the loan account. Both the arrested accused are being produced today before the Court of CJM, Jammu,” it reads.






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