Rs 105 crore bank fraud: CBI searches 10 premises of NCS Sugars in Hyderabad, Vizianagaram
Advertisement
Bengaluru, July 31 : The Central Bureau of Investigation (CBI) on Friday seized documents and digital devices while searching commercial and residential premises at 10 locations, including Hyderabad and Vizianagaram, in a Rs 105.44 crore loan fraud committed by NCS Sugars against Punjab National Bank, an official said.
The coordinated search operations by the CBI were conducted at 10 locations in Hyderabad, Vizianagaram and Kakinada, covering factory, registered office, residential properties linked to the directors of NCS Sugars Limited, an official statement said.
During the searches, incriminating documents and digital evidence, including records relevant to the investigation, were recovered and seized, the CBI said.
The seized material is being scrutinised to ascertain the full scope of the criminal conspiracy, trace the diversion and movement of funds, and determine the specific roles of all persons involved, it added.
The bank fraud case was registered at CBI's Banking Securities and Fraud Branch in Bengaluru against NCS Sugars Limited, its directors and unknown public servants based on the complaint of Punjab National Bank (PNB) at Chennai.
The complaint alleged offences of criminal conspiracy, cheating, criminal breach of trust, misappropriation of property and forgery, causing a wrongful loss of Rs 105.44 crore to the PNB Bank, the CBI said.
It was alleged that the accused submitted forged documents to the lending bank by representing them as genuine.
On the basis of these documents, the accused availed the credit facilities and subsequently diverted and misappropriated the loan funds instead of utilising them for the intended business purposes, the CBI said.
The accused failed to repay the dues to the bank, resulting in the loan accounts of the accused company becoming irregular/defaulted and caused wrongful loss to the lending bank, it added.
At least two officials of NCS Sugars were earlier booked by the CBI in 2017 in a separate case related to alleged defrauding of Project and Equipment Corporation of Rs 82.11 crore.
The coordinated search operations by the CBI were conducted at 10 locations in Hyderabad, Vizianagaram and Kakinada, covering factory, registered office, residential properties linked to the directors of NCS Sugars Limited, an official statement said.
During the searches, incriminating documents and digital evidence, including records relevant to the investigation, were recovered and seized, the CBI said.
The seized material is being scrutinised to ascertain the full scope of the criminal conspiracy, trace the diversion and movement of funds, and determine the specific roles of all persons involved, it added.
The bank fraud case was registered at CBI's Banking Securities and Fraud Branch in Bengaluru against NCS Sugars Limited, its directors and unknown public servants based on the complaint of Punjab National Bank (PNB) at Chennai.
The complaint alleged offences of criminal conspiracy, cheating, criminal breach of trust, misappropriation of property and forgery, causing a wrongful loss of Rs 105.44 crore to the PNB Bank, the CBI said.
It was alleged that the accused submitted forged documents to the lending bank by representing them as genuine.
On the basis of these documents, the accused availed the credit facilities and subsequently diverted and misappropriated the loan funds instead of utilising them for the intended business purposes, the CBI said.
The accused failed to repay the dues to the bank, resulting in the loan accounts of the accused company becoming irregular/defaulted and caused wrongful loss to the lending bank, it added.
At least two officials of NCS Sugars were earlier booked by the CBI in 2017 in a separate case related to alleged defrauding of Project and Equipment Corporation of Rs 82.11 crore.
Advertisement
Note: The content of this article is sourced from a news agency and has not been edited by the ap7am team.