Rs 52-Crore Fraud At Union Bank, CBI Probes Delhi Firm

Five Core Electronics Ltd and its directors -- Amarjeet Singh Kalra, Surinder Singh Kalra, Jagjeet Kaur Kalra and Surinder Kaur Kalra -- have been accused of cheating, forgery, criminal breach of trust and corruption.

The Central Bureau of Investigation has registered a case against a Delhi-based firm and its directors for a bank fraud to the tune of Rs 52 crore. Officials in the agency said the accused fled the country in 2019. Five Core Electronics Ltd and its directors -- Amarjeet Singh Kalra, Surinder Singh Kalra, Jagjeet Kaur Kalra and Surinder Kaur Kalra -- have been accused of cheating, forgery, criminal breach of trust and corruption. The Union Bank of India bank has alleged that the company -- which exports electrical and electronics goods -- approached them in 2015 to take over the credit facilities from Bank of Baroda. After taking over the credit, the bank sanctioned around Rs 70 crore as fresh credit facilities to the company, which was extended to Rs 111 crore in 2016. But due to non-payment of dues, the account was declared a non-performing asset in June 2019, with an outstanding of Rs 52 crore.