Mumbai firm, proprietor booked by CBI for defrauding Bank of Baroda to tune of ₹ 49.14 crore

Mumbai: The Central Bureau of Investigation (CBI) has registered an offence against a proprietary firm located at Jacob Circle for allegedly defrauding Bank of Baroda to the tune of Rs49.14 crore. The CBI claimed that the firm had requested the bank for foreign outward remittances towards import of lamps and nickel alloy. However, during the investigation by the bank, the import documents were found forged and fabricated.

According to the CBI, a written complaint was received from the bank’s Deputy General Manager and Regional Head Amit Tulli against the company (which opened a current account in 2015) and its proprietor and unknown public servants.

The agency alleged that the firm made 34 remittances for $76,99,625 in favour of four Hong Kong-based companies and the proprietor submitted bills of entry as a proof of import. However, on verification and scrutiny, the bills were found to be forged.

A case has been registered under sections 409 (criminal breach of trust by public servant, or by banker, merchant or agent), 420 (cheating and dishonestly inducing delivery of property), 467 (forgery of valuable security, will, etc), 468 (forgery for purpose of cheating) and 471 (using as genuine a forged document or electronic record) of the Indian Penal Code.