CBI Probes ₹62.42 Crore Bank Fraud; Mumbai Firm, Partners Booked

Mumbai: The Central Bureau of Investigation (CBI) has registered a case on June 18, based on the complaint of Indian Bank, stressed assets management (SAM) Branch, Mumbai, against a Mumbai-based firm, its partners, unknown public servants and unknown private persons.

Those booked have been identified as M/s One World Sourcing and its partners A.M. Khushalani and R.K. Singh

According to the CBI, it has been alleged that the accused persons entered into a criminal conspiracy, cheating and falsification of account by allegedly submitting inflated debtor figures and other false financial information to the banks and thereby obtained higher cash credit facilities from Indian Bank and another bank causing wrongful loss of approximately Rs62.42 crore to the complainant bank.

Following registration of the case, the CBI conducted searches on Saturday at multiple premises linked to the partners of the firm in Mumbai and other locations, pursuant to search warrants issued by the special court for CBI cases, Mumbai. During the searches, incriminating documents relevant to the investigation were recovered and seized.

"Preliminary scrutiny of the seized material indicates the existence of debtor entities whose credentials are under verification. Documents relating to the alleged inflation of debtor figures for availing enhanced credit facilities have also been seized. Investigation is continuing to ascertain the full extent of the conspiracy, identify the role of all involved persons, including public servants and private individuals, and trace the end-use of the loan funds," the agency said in a statement on Sunday.