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Legal

Updated on: Friday, December 17, 2021, 09:40 PM IST

FPJ Legal: CBI files chargesheet in corporation bank scam

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The Central Bureau of Investigation (CBI) has filed a charge sheet against office bearers of the Corporation Bank in a case related to loss of Rs 79 crore to the Corporation Bank. Those named are then CMD Ramnath Pradeep; then Chief Manager SN Murthy Shankar and then Sr. Manager AP Shiva Kumar.

CBI had registered a case on June 16, 2017 on a complaint from Corporation Bank against a private Mumbai-based company and others including its Directors, CA & unknown others. The private company was engaged in manufacturing Aluminium Foil Containers etc.

It was alleged that the Directors, Chartered Accountant & others had conspired & availed various credit facilities to the tune of Rs. 60 crore from e-Corporation Bank (now UBI). They had further allegedly diverted the funds & deployed it in real estate and other non-related business activities by way of loans/advances in different real estate projects. An alleged loss of Rs. 79.04 crore was caused to Corporation Bank.

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Published on: Friday, December 17, 2021, 09:40 PM IST
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