CBI books former UCO bank chief in Rs 621-crore cheating case | Latest News India - Hindustan Times
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CBI books former UCO bank chief in Rs 621-crore cheating case

Press Trust of India, New Delhi | ByPress Trust of India
Apr 14, 2018 07:39 PM IST

Former UCO Bank CMD Arun Kaul and others are accused of defrauding the UCO Bank to the tune of Rs 621 crore (approx) by diversion and siphoning of the bank loans.

The CBI has booked former UCO Bank chairman and managing director Arun Kaul and others for allegedly cheating the bank to the tune of Rs 621 crore, officials said on Saturday.

Leaflets advertising loans are pictured inside a commercial branch of the UCO Bank in Mumbai.(Reuters File Photo)
Leaflets advertising loans are pictured inside a commercial branch of the UCO Bank in Mumbai.(Reuters File Photo)

The agency is carrying out searches at 10 locations-- eight of them in Delhi and two in Mumbai -- in this connection, they said.

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It was alleged that the accused persons in pursuance of criminal conspiracy defrauded the UCO Bank to the tune of Rs 621 crore (approx) by diversion and siphoning of the bank loans, they said

Besides Kaul, others booked by the CBI are Era Engineering Infra India Ltd. (M/s EEIL), its CMD Hem Singh Bharana; two chartered accountants -- Pankaj Jain and Vandna Sharda --, Pawan Bansal of M/s Altius Finserve Pvt. Ltd., and other unidentified persons, they said.

(This story has not been modified from its original version.)

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