CBI files charge sheet against top officials of Kanpur-based firm

New Delhi [India] May 21(ANI): The Central Bureau of Investigation (CBI) on Monday filed a charge sheet in the court of Special Judge (Central), Lucknow against a Chairman cum Managing Director (CMD) and a Director of a Kanpur-based private company.

As per the charge sheet, the said private company and three bank officials, namely the Assistant General Manager (AGM) / Branch Head; then Senior Manager / Forex Incharge / Joint Manager and then Manager (Scale-II) / Credit Officer of Bank of Baroda's IBB Branch in Kanpur are involved in causing an alleged loss of around Rs.456.63 crore to the Bank.

A case was registered on February 18 this year on a complaint from Bank of Baroda under Sections 120-B, read with 420, 467, 468 and 471 of the Indian Penal Code (IPC), and Sections 13(2) read with 13(1)(d) of the Prevention of Corruption Act, 1988 and substantive offences thereof against the company on allegations that it cheated the Bank, in criminal conspiracy involving the firm's directors and other unknown bank officials.

The investigation revealed that the company represented by its CMD and others had entered into a criminal conspiracy to defraud the Bank to the tune of approximately Rs. 456.63 crore. The loss was allegedly caused due to misutilisation of export packing credit limit and devolvement of foreign letters of credit (FLCs).

During the investigation, the CMD and a Director were arrested on February 22 this year, and are currently in judicial custody.

Further probe is underway. (ANI)

This story has not been edited. It has been published as provided by ANI