The Central Bureau of Investigation (CBI) recently arrested three persons for cheating State Bank of India’s D. N. Road branch, of around Rs 10 crore.
A CBI statement said that the three persons had allegedly submitted four forged Letter of Credits shown to be issued by the Punjab National Bank in Solapur and en-cashed the same from SBI.
Each Letter of Credit had an amount of around Rs 2.5 crore.
The fraud had taken place around six months back. Among those arrested include Anoop Roy, Director of Krishna Corporate Services Private Limited, Akhilesh Pandey, Proprietor of Meroo Polymers and Satish Pujari, Director of Micro Bit Associates Private Limited.
All the three who were arrested last month are presently out on bail.
The CBI suspects that these people had also approached some other banks with similar Letter of Credits but were unsuccessful and are investigating if these people had cheated any other banks in the past.