New Delhi, June 23 (Agency) Central Bureau of Investigation (CBI) has conducted searches at various locations including Delh, Dehradun and Mumbai in an on-going investigation of a case related to alleged bank fraud which caused loss of Rs100.03 crore to the Bank, the agency said on Friday. The federal agency raided at office and residential premises of accused including private company at New Delhi, Dehradun (Uttarakhand) and Mumbai (Maharashtra), which led to recovery of incriminating documents and articles, CBI said.
CBI registered a case on June 19, on the basis of a complaint from Punjab National Bank, Zonal Sastra Centre, Cuffe Parade, Mumbai against a private company based at New Delhi and its directors and other unknown public servants, CBI said.It was alleged that accused entered into a conspiracy to cheat Punjab National Bank (e-United Bank of India). The accused misappropriated the sanctioned credit facilities by way of cheating, utilization of loan funds contrary to the sanction terms and conditions, diversion of sale proceeds to related and sister concern companies which caused loss of Rs.100.03 crore to the Bank.