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Economic Fraud

CBI Books Delhi Firm For Rs 48 Crore Bank Fraud



CBI Books Delhi Firm For Rs 48 Crore Bank Fraud

NEW DELHI: The Central Bureau of Investigation has registered a case of bank fraud against Amrapali Biotech India and its directors on a complaint from Punjab National Bank.

It was alleged that said private company and its directors had misappropriated the loan amount of Rs. 47.97 crore, which was sanctioned and disbursed for setting up units for manufacturing of food products like jam, sauce, pickles, cornflakes etc in Rajgir District, Nalanda and Navanagar, District Buxar (Bihar), with an ulterior motive to cheat the bank and embezzle the public money.

The complainant further alleged that the accused had cheated the bank and misappropriated the loan amount with the sole ulterior motive to usurp the public money for their personal gain. An alleged loss to the tune of Rs. 35.25 crore (approx.) apart from interest on loan amount was caused to bank.

Followed by complaint Teams of CBI conducted searches at the premises of the accused which led to the recovery of some incriminating documents.