CBI books two companies for alleged bank loan fraud
The Hindu
Cases involve loans of more than ₹900 crore
The CBI has registered separate bank fraud cases against two private companies involving loans of more than ₹900 crore.
In the first case, the agency has booked LEEL Electricals Limited and its directors for allegedly causing a loss of ₹307.10 crore to the SBI. The loan account was declared an NPA in March 2019 and reported as fraud in October, 2021.
According to the FIR, while the company sold its consumer durable business to another company in May 2017, substantial investment was observed in the plant and machinery subsequent to the sale. The bank alleged that there is a possibility of diversion of funds by booking of fake procurement of plant, machinery and purchases from related parties.
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