FIR against firm for bank fraud of Rs 555.65 crore

FIR against firm for bank fraud of Rs 555.65 crore

New Delhi, March 19

The CBI today said it had registered a case against Himachal Pradesh-based Indian Technometal Company Ltd and its directors for an alleged fraud of Rs 555.65 crore towards a consortium of banks led by the erstwhile Corporation Bank.

Following the registration of the case, CBI spokesperson RC Joshi said the agency sleuths conducted searches on the premises of the accused and the firm at Kangra (Himachal Pradesh), which led to the recovery of incriminating documents.

The two directors of Indian Technometal Company Limited named in the CBI FIR are Rakesh Kumar Sharma and Vinay Kumar Sharma.

Joshi said the action followed a complaint from the Union Bank of India (erstwhile Corporation Bank) alleging that the private company, through its directors in conspiracy with others, had defrauded the consortium by misrepresentations, concealment of facts and submission of false documents and information to avail credit facilities.

“The default on payments caused a loss to the tune of Rs 555.65 crore to the consortium which also included the State Bank of Hyderabad (now SBI), Punjab National Bank, Punjab & Sindh Bank, UCO Bank, Syndicate Bank, Central Bank of India, Karur Vysya Bank and JM Financial ARC,” Joshi said. — TNS

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