CBI Searches Premises Of Swastic Coppers For Rs 48.06-Crore Alleged Fraud In Union Bank

The Central Bureau of Investigation has registered a case on a complaint from Union Bank of India against five accused for defrauding the lender to the tune of Rs 48.06 crores

The CBI teams conducted searches at five locations, including the factory and official as well as residential premises of the accused in Jaipur.

Source : Getty

The Central Bureau of Investigation (CBI) recently conducted searches at five sites in Jaipur linked to Swastic Coppers Pvt Ltd and its directors, following allegations of a fraudulent activity amounting to over Rs 48.06 crore at Union Bank of India, officials disclosed on Thursday, according to news agency PTI.

According to sources, the agency has filed a case against the company, which is involved in manufacturing and repairing power distribution transformers, along with its directors and guarantors, for purportedly deceiving the bank.

Central Bureau of Investigation (CBI) has registered a case on a complaint from Union Bank of India against five accused including a Jaipur-based private company, its Directors and unknown others on allegations of defrauding the bank to the tune of Rs 48.06 crores (approx). The…

— ANI (@ANI) March 21, 2024

The FIR filed by CBI mentions company directors/guarantors Sandeep Jain and Indra Jain, former director/guarantor Neelam Jain, guarantor Sharad Kumar Bakliwal, along with unnamed public servants and private individuals, as stated in response to media inquiries.

"The accused individuals are alleged to have collaborated in a criminal conspiracy to defraud the bank of approximately Rs 48.06 crore. The company allegedly obtained a cash credit limit by submitting falsified and exaggerated documents. Furthermore, it is alleged that the accused defaulted on inland LCs (letter of credit), BGs (bank guarantee), and siphoned off bank funds through transactions with affiliated parties," remarked a spokesperson for the CBI in an official statement.

Subsequent to the registration of the FIR, the CBI teams conducted searches at five locations, including the company's factory, as well as the official and residential premises of the accused individuals in Jaipur.