CBI Files Case Against Delhi Based Firm For Rs 1800 Crore Fraud
A forensic audit by Ernst and Young showed alleged diversion and siphoning off of bank funds, fictitious transactions, forgery, resulting in the FIR, according to CBI.
India’s premier investigation agency, the Central Bureau of Investigation (CBI), searched at three locations in Delhi connected with an alleged Rs 1,800-crore fraud at India’s largest lender State Bank of India (SBI).
CBI had earlier booked Jay Polychem Ltd. in connection with the alleged fraud. The agency had received a complaint from SBI against the Delhi-based company and its promoters and directors for causing Rs 1,800.72 loss to a consortium led by the bank.
A forensic audit by Ernst and Young showed alleged diversion and siphoning off of bank funds, fictitious transactions, forgery, resulting in the FIR, according to CBI.
“CBI has registered a case on a complaint from SBI against a private company (borrower company) based at Lajpat Nagar, New Delhi and others including its Director, Guarantor, unknown public servants & unknown private persons on the allegations of causing an alleged loss of Rs. 1800.72 crore (approx) to SBI and other consortium banks,” said the investigation agency in a statement.
It was alleged that the accused had cheated the SBI led consortium banks to the tune of Rs. 1800.72 crore by diversion / siphoning off bank funds, fictitious transactions, cheating, forgery, criminal conspiracy. An SBI official could not be immediately reached for his comments.
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