The Central Bureau of Investigation (CBI) on Monday, 21 September, carried out searches at eight locations in Delhi, Uttar Pradesh, Rajasthan and Haryana over alleged bank fraud to the tune of Rs 1,400 crore by a private company.
A CBI spokesperson in Delhi said that the teams carried out searches in Delhi, Uttar Pradesh's Saharapur and Bulandshahr, Haryana's Palwal and Rajasthan's Ajmer at the premises of Delhi-based Kwality Ltd, its directors Sanjay Dhingra, Siddhant Gupta, Arun Srivastava and other unknown persons.
The action comes after the CBI registered a case on a complaint from Bank of India against Kwality Ltd and others, including its directors and other unknown persons, for causing an alleged loss of Rs 1,400.62 crore to a consortium of banks led by Bank of India.
"It was alleged in the complaint that the said accused had cheated the Bank of India-led consortium comprising BOI (lead bank), Canara Bank, Bank of Baroda, Andhra Bank, Corporation Bank, IDBI, Central Bank of India, Dhanlaxmi Bank, Syndicate Bank to the tune of Rs 1,400.62 crore by way of diversion of bank funds, sham transactions with related parties, fabricated documents/receipts, falsified books of accounts, created false assets and liabilities etc," a CBI official said.
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