The Central Bureau of Investigation (CBI) on Friday registered a case of fraud by a Delhi-based private company with the State Bank of India and other consortium member banks, causing an alleged loss of approximately Rs 1028.94 crore.
It conducted searches at seven locations at the premises of accused directors of the company at Delhi, Noida, Gurugram and Bulandshahr.
It has been alleged in the complaint filed by the SBI that the company and its directors had cheated the SBI and other consortium member banks, including Central bank of India, Axis Bank, Standard Chartered Bank, Karnataka Bank, Punjab National Bank, ICICI Bank.
The charges levelled include diversion of bank funds; sham transactions with related parties; borrowing funds from the bank by misrepresentation; falsifying/fabricating books of accounts, entries, vouchers and financial statements; furnishing false, incorrect or misleading information and siphoning off funds including various loan proceeds.
The allegations were based on the forensic audit report, after the company did not repay the loans.