CBI files three chargesheets in Union Bank of India fraud case

The CBI has filed three chargesheets against private companies, their directors and public servants for cheating Union Bank of India of approximately Rs 150 crore.

The Central Bureau of Investigation (CIBI) officials on Thursday said that they have filed chargesheets in three separate cases of bank fraud amounting to Rs 150 crore. The chargesheets have been filed in the special CBI court in Mumbai against private companies, their directors and public servants for cheating Union Bank of India of approximately Rs 150 crore. The cases were registered by the CBI on the basis of a complaint filed by the Union Bank of India. The said fraud was executed by the borrowers of private companies in connivance with the public servants of Union Bank of India by way of opening LCs without processing, appraisal, assessment, internal rating and regular sanction from the competent authority and without creation of mortgage.