CBI books two Lucknow firms for defrauding banks worth Rs 45 crore
India Today
Two separate FIRs have been lodged by the anti-corruption unit of CBI against two firms in Lucknow for defrauding two banks of about Rs 45 crore.
The Central Bureau of Investigation in Uttar Pradesh's Lucknow has booked two firms for reportedly cheating two banks of about Rs 45 crore in separate cases. Two separate FIRs have been lodged by the anti-corruption unit of CBI in connection with the fraud cases.
In the first case, a complaint has been filed against Globix Firm for allegedly duping Punjab National Bank of Rs 12.68 crore. The matter came to light when an employee of the bank lodged an FIR claiming that Globix firm misused the credit sanction limit it had received for trading in agro-commodities, reported the Times of India (TOI).
The firm was asked to maintain financial discipline, ensure timely repayment and submission of stock statements. But the company and borrowers did not comply with the norms.
The victim also alleged that many other discrepancies occurred, such as mismatch in the description number in sale and purchase documents, missing product details and stock movements and inward and outward movement of items were also missing.
In the second incident, Bank of Baroda accused a manufacturing company named 'Krishna Containers' of defrauding the financial institution of Rs 32 crore.
AGM of the bank Manoj Kumar Yadav told the police that the firm was given a cash credit limit of Rs 32.35 crore but it misused it. The company and its associates reportedly created accommodative fake bills without carrying out physical movement of goods and siphoned off bank funds.
The report suggests that the company was also engaged in the import of crude edible oil for which they were sanctioned a foreign letter of credit facility by the bank. Yadav alleged that Krishna Containers reportedly converted the credit facility to cover up the funds which were diverted to its associate firms.
