Union Bank of India | CBI CBI probes Delhi firm that defrauded Union Bank of Rs 52 cr, directors fled India in 2019
Delhi/IBNS: The Central Bureau of Investigation (CBI) has started an investigation against a Delhi-based company and its promoters over a bank fraud of Rs 52 crore, media reports said.
The central investigating agency sad the accused fled the country in 2019. The company--Five Core Electronics and its directors Amarjeet Singh Kalra, Surinder Singh Kalra, Jagjeet Kaur Kalra and Surinder Kaur Kalra --have been named accused in the case for cheating, forgery, criminal breach of trust and corruption, an NDTV report said.
According to the report, Union Bank of India has accused that the company, involved in the export of electrical and electronic goods, approach it to take over its credit facilities from Bank of Baroda.
After taking over the credit, Union Bank then sanctioned a fresh credit of Rs 70 crore to the company which was extended to Rs 111 crore in 2016
However, soon the company stopped making payments and in June 2019 it was declared a non performing asset, the report stated.
The matter was reported to to Reserve Bank of India after the company was declared "fraud" in November 2019
The NDTV report stated that CBI sources said that the matter was reported to them on June 3 and the accused had fled the country in 2019.
During a raid in February by the Directorate of revenue intelligence the company was found locked and there was no one available at the factory, the report stated.
"Efforts are being taken to trace them. It is suspected they have defrauded more banks but as on date, we have received complaint from only one bank," an official said, the report quoted.
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