CBI ARRESTS FOUR PERSONS INCLUDING DIRECTORS OF DELHI BASED PRIVATE FIRM IN AN ON-GOING INVESTIGATION OF CASES FOR CAUSING AN ALLEGED LOSS OF RS.2240 CRORE(APPROX) TO BANKS

CBI Press Release New Delhi, 12.04.2017

The Central Bureau of Investigation has arrested four accused persons including Directors & others of Delhi based private firm in an-going investigation of cases registered on the complaint of Punjab National Bank for causing an alleged loss of Rs.2240 crore(approx) to the consortium member Banks.

It was alleged during investigation that the accused persons fraudulently used more than 100 Shell Companies for round tripping and diversion of Bank funds. There was no genuine business transaction between the said firm and Shell Companies.

The said firm also allegedly diverted Rs.376 crore(approx) out of the Working Capital Limit obtained from consortium of Banks to 06(six) Wholly Owned Foreign Subsidiaries based at Singapore, Hong Kong, Dubai, Indonesia, Ghasa & China.

Further investigation is continuing. The arrested accused are being produced today before the CMM, Patiala House Courts, New Delhi.

http://cbi.nic.in/pressreleases/pr_2017-04-12-1.php