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CBI recovers valuable items worth Rs 12.50 crore in bank fraud case

During the investigation, the then CMD and then Director, both of private companies based in Mumbai were arrested and both are presently in CBI custody.

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New Delhi: The Central Bureau of Investigation (CBI) recovered paintings, watches, gold, and diamond jewelry valued at around Rs 12.50 crores during searches in an ongoing investigation of a case related to an alleged loss of Rs 34,615 crore to a consortium of 17 banks, the probe agency said on Thursday.

The agency conducted searches in connection with the case. Two paintings worth Rs 5.50 crore, two watches of Rs 5 crore, and Gold and Diamond Jewellery including Bangles & necklaces of Rs 2 crore were recovered. It was also alleged that the Promoters had acquired expensive items using the diverted funds, the CBI statement stated.

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During the investigation, the then CMD and then Director, both of private companies based in Mumbai were arrested and both are presently in CBI custody.

A case was registered on June 20 on the basis of the complaint received from Union Bank of India, Industrial Finance Branch, Mumbai against a private (Borrower) company based in Mumbai, it then CMD, then Director, and others including a private person and private companies on the allegations that the accused cheated a consortium of 17 banks of Rs 34,615 crore by siphoning off loans availed from the said banks and falsifying the books of said private (Borrower) company and creating Shell Companies/false entities, which had come to be known as “Bandra Book Entities”, it stated.

It was alleged that the said private company and its promoters had created a number of shell companies and fictitious entities (the Bandra Book entities) and siphoned off huge funds by disbursing funds to such fictitious entities. It was further alleged that separate audits conducted by other private audit accounting organizations had identified multiple instances of diversion of funds by the accused for personal benefits and falsification of books of accounts to camouflage and conceal dubious transactions.

Earlier, searches were conducted at various locations in Mumbai at the premises of the accused which led to the recovery of incriminating documents. The investigation is underway.

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