The Central Investigation Agency informed (Representative) that the investigation into the matter is ongoing
New Delhi:
The CBI has charged five individuals, including a Jaipur-based private company, its directors and promoters and others, in connection with bank fraud amounting to approximately Rs 48.06 crore.
The company, which manufactures and repairs distribution transformers, allegedly conspired to defraud banks by submitting forged documents to obtain cash lines of credit.
They are also accused of defaulting on inland letters of credit (LC) and bank guarantees (BG), as well as diverting bank funds through transactions with related parties.
As of the time of filing this report, the CBI was conducting searches at five locations, including the factories, offices and residences of the accused in Jaipur.
The central investigation agency informed that the investigation into the matter is on.
According to the FIR filed by the investigating agency, the names of 5 persons have been announced in the case: M/s Swastic Coppers Pvt Ltd., Jaipur, Sandeep Jain (Director/Guarantor), Neelam Jain (Former Director/Guarantor), Indra Jain (Director/Guarantor), Sharad Kumar Bakliwal (Guarantor), unidentified public servants and individuals.
According to the agency, all four people and the private company have been booked for bank fraud amounting to approximately Rs 48.06 crore.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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