CBI register Case against Private Company and its Director for Bank Fraud

The Central Bureau of Investigation(CBI) began an investigation against a private company situated in Ahmedabad and its directors, as well as other unknown public workers, on suspicions of causing a loss of Rs.46.79 crore (estimated) to Union Bank of India, Ahmedabad Branch.

It was alleged that the defendants conspired to divert/siphon off cash disbursed to them by falsifying information/documents and committed the crimes of criminal breach of trust, cheating, and misuse of public funds.

Searches were carried out at several places in Ahmedabad at the accused’s facilities, including the borrower firm, resulting in the seizure of incriminating papers. Investigation is continuing.