E-Paper
CBI registers case against Pune-based company in ₹91.92 cr bank fraud case
The CBI claimed that the company diverted the proceeds into the accounts of its related and associated companies without its end utilisation, causing a loss of ₹91.92 crores to the bank
New Delhi/Pune: The Central Bureau of Investigation (CBI) on Thursday registered a case against Pune-based builder KJ Infrastructure Projects India Pvt. Ltd., its directors and others for allegedly duping the Union Bank of India of ₹91.92 crore.
The probe agency registered the case after a complaint was filed by the Pune branch of the bank against the private company, its directors – Kalyan J. Jadhav, Kalyan Eknath Kakade, Santosh Sambhaji Dhumal, and Amol Maruti Paigude — and others involved, including M/s. Wing Infrastructure Engineering Pvt. Ltd and Vinod Kalyan Jadhav, CBI said in a statement.
The company and its promoters had allegedly availed credit facilities from the bank on the basis of manipulated stock-book debts statements — a stock statement prepared to arrive at the actual drawing power (amount which can be borrowed by the company from the bank) based on the actual level of inventory and receivables, inflated sales, income and profit numbers on the financial statements.
The CBI claimed that the company diverted the proceeds into the accounts of its related and associated companies without its end utilisation, causing a loss of ₹91.92 crores to the bank.
CBI said that they have conducted searches at various places in and around Pune district, which led to the recovery of incriminating documents, hard disks, electronic gadgets etc. from the premises of the accused. The agency is in the process of investigation.
This has been the third consecutive case filed by CBI within a fortnight related to the Union Bank of India across the country.
