CBI registers case against Mumbai firm in Rs 103 crore bank fraud case

The Central Bureau of Investigation (CBI) has registered a case against a city-based private company for allegedly cheating a public sector bank.

The agency registered a case against M/s Spanco Ltd and its officials based on a complaint from the Central Bank of India for causing an alleged loss of Rs 103.27 crore to the bank. “The CBI has registered a case against Mumbai based private company and others including its CMD, guarantor, then deputy managing director, then director, etc. on a complaint from Central Bank of India for causing an alleged loss of Rs. 103.27 crore (approximately) to the bank,” read a statement.

Based on the complaint, searches were conducted at four locations in Mumbai including office and residential premises of the accused/company which led to the recovery of incriminating documents, the agency said.

“It was alleged that a fraud was perpetrated in the Central Bank of India, by a Mumbai based private company and other accused. It was further alleged that the accused entered into a conspiracy with each other and diverted the loan amount to its group company and further transferred to personal accounts of promoter and family members etc. Thus they cheated the Central Bank of India to the tune of Rs. 103.27 crore (approximately),” the CBI said.

A CBI spokesperson stated that there have been no arrests in the case.

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