Uttar Pradesh: CBI books Mumbai-based firm for bank fraud in Lucknow

The firm had approached the bank's Aliganj branch here for developing a residential society in Vrindavan Yojna in Lucknow.

IANSUpdated: Tuesday, October 11, 2022, 10:50 AM IST
article-image
Uttar Pradesh: CBI books Mumbai-based firm for bank fraud in Lucknow | File Photo

Lucknow: A Mumbai-based firm has been booked by the special crime branch unit of Central Bureau of Investigation (CBI) in Lucknow, for defrauding Union Bank of India of Rs 62.97 crore.

The firm had approached the bank's Aliganj branch here for developing a residential society in Vrindavan Yojna in Lucknow.

However, the firm misrepresented facts and siphoned the entire amount.

A unit of the Enforcement Directorate is also looking into the aspect of money laundering by the firm.

The CBI lodged an FIR based on the finding of the forensic audit which showed that the firm committed grave irregularities and fraud.

Directors of the company have sold the stock with the intention to defraud the bank, said the CBI spokesman.

The firm siphoned the amount, causing huge losses to the bank. The firm also used different bank accounts for the diversion of funds. The probe also revealed that another entity, namely, M/s Deserve Construction was created and the accused firm entered into an agreement with it for the construction of the project known as 'Deserve Elite'.

It also came to light that the management and promoter of both companies are the same and there was no need for sub-contracting, particularly, when M/s Deserve Construction had no expertise or proven history in the construction activity, said the CBI.

Later, directors of the firm Santosh Kumar Sarda, Manish Sarda, Utkarsh Sarda, Deepak Sarda, and unidentified persons were booked under the charges of criminal conspiracy, cheating and dishonestly inducing the delivery of property.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Delhi MCD Polls 2022 Results: Official trends - BJP is leading on 55 seats, AAP on 20 and Congress...

Delhi MCD Polls 2022 Results: Official trends - BJP is leading on 55 seats, AAP on 20 and Congress...

Russian G20 Sherpa praises India for putting 'women-led development' as key priority

Russian G20 Sherpa praises India for putting 'women-led development' as key priority

AIIMS Hacking: Main building server resumes partially 2 weeks after cyber attack

AIIMS Hacking: Main building server resumes partially 2 weeks after cyber attack

Winter Parliament Session: PM Modi likely to interact with media, 16 new bills on government's...

Winter Parliament Session: PM Modi likely to interact with media, 16 new bills on government's...

HC notice to Rajasthan Speaker on resignations of 91 Cong MLAs

HC notice to Rajasthan Speaker on resignations of 91 Cong MLAs