CBI searches many locations in two bank fraud cases

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New Delhi, Nov 11 (PTI) The CBI on Wednesday carried out searches at multiple locations in two separate cases pertaining to alleged bank fraud, officials said. The CBI has booked a co-operative society -- Surat Mandvi Vibhag Sahkari Krishi Udyog Mandli Ltd -- and its then 17 office bearers/Directors for allegedly cheating the Union Bank of India during the period 2013-15 by diverting loan funds resulting in a loss of Rs 42.30 crore to the bank, they said.

'It was further alleged that Union Bank of India, Palod Branch, Taluka Mangrol, Surat had sanctioned loans worth Rs 40 crore under Union Green Card Scheme in the names of 1728 farmer members of the said company/society and the said loan amount was disbursed into the current account of said company/society, which did not further distribute the said amounts/equivalent raw materials to the farmers,' a CBI spokesperson said.

The agency carried out searches at five locations including the offices and residences of the accused in Surat.

The second case in which the CBI carried out searches pertains to Trinethra Infra Ventures Ltd and its senior executives for allegedly cheating non-banking finance company IFCI to the tune of Rs 11.77 crore.

It is alleged that the company fraudulently got sanctioned factoring facility for Rs. 15 crore (approx) from IFCI factors and availed an amount of Rs eight crore. The company allegedly submitted false and forged documents in respect of two immovable properties as mortgage in IFCI carrying wrong valuation report of the valuer and false title report.

The CBI said the accused executives allegedly entered in a criminal conspiracy with IFCI public servants defrauding the IFCI Ltd. to the tune of Rs. 11.77 crore.

The agency carried out searches at the residential and office premises of the accused including at Hyderabad, Eluru, Rajam and Bengaluru which led to recovery of several incriminating documents, the CBI spokesperson said. PTI ABS RDM RDM