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CBI arrests 3 in bank fraud case of over Rs 2654 cr
CBI arrests 3 in bank fraud case of over Rs 2654 cr
National

CBI arrests 3 in bank fraud case of over Rs 2654 cr

Pennews

The Central Bureau of Investigation (CBI) on Wednesday arrested three promoters and directors of a private company in connection with bank fraud case of over Rs 2654 crore .

"Suresh Narain Bhatnagar, Amit Suresh Bhatnagar and Sumit Suresh Bhatnagar, Promoters & Directors of Vadodara based private company, Diamond Power Infrastructure Limited, were arrested in an on-going investigation of a case," the probe agency said in a statement here.

The CBI said it registered a case under sections 120-B r/w 420, 467,468,471 of IPC and sections 13(2) r/w 13(1)(d) of PC Act, 1988 on the allegations that the company through its founder, Managing Director and Joint Managing Director, along with other unknown persons associated with them in conspiracy with unknown bank officials cheated the banks to the tune of around Rs 2654. 40 crore by falsification of accounts, creation of false documents, forgery of records.

It was further alleged that the company engaged in the manufacture of cables and other electrical equipment, through its management, had fraudulently availed Credit Facilities from a Consortium of 11 Banks (Public Sector and Private Sector) since 2008, with an outstanding amount of around Rs 2654. (UNI)