CBI arrests eight people including bank officials in bank fraud case

New Delhi, Nov 30 (Representative) The Central Bureau of Investigation (CBI) on Tuesday registered a case against eight people including unknown officials of Bank of Baroda (BOB) for alleged bank fraud, the agency, in a statement, said. According to the agency, it received a complaint from Bank of Baroda in Odisha’s Cuttack against eight people, partners, guarantors and proprietors of private companies and unknown officials of BOB and others on the allegations of Bank fraud.

The accused had allegedly availed various Credit Limits including FBWC limit from BOB in conspiracy with others and cheated the Bank, causing loss during the year from 2011 to 2017 and siphoned off the funds disbursed to the respective loan accounts and misappropriated the public money in the form of loan amount sanctioned to them, said CBI. The accused had allegedly caused undue loss to the BOB to Rs 20.99 crore with interest as on August 31, 2021. Searches were conducted on Tuesday at the premises of the accused at Cuttack.