CBI books Indian Technometal Company for alleged ₹555-cr fraud

Searches at the premises of the accused and firm were conducted in Kangra, which led to recovery of incriminating documents

The Central Bureau of Investigation (CBI) has filed a case against Indian Technometal Company Ltd and its directors for allegedly defrauding a consortium of banks led by the erstwhile Corporation Bank of ₹555 crore, officials said Friday.

(HT File)

The CBI has booked the private company’s directors Vinay Kumar Sharma and Rakesh Kumar Sharma, and unknown public servants and other persons.

The action followed a complaint from Union Bank of India (erstwhile Corporation Bank) alleging that the private company through its directors in conspiracy with others has defrauded the consortium by misrepresentations, concealment of facts and submitting false documents and information to avail credit facilities, said CBI’s chief information officer RC Joshi.

The consortium included Corporation Bank (now Union Bank), State Bank of Hyderabad (now State Bank of India), Punjab National Bank, Punjab & Sindh Bank, UCO Bank, Syndicate Bank, Central Bank of India, Karur Vyasya Bank and JM Financial ARC.

Searches at the premises of the accused and firm were conducted in Kangra, which led to recovery of incriminating documents, said Joshi.