Mumbai: CBI files case against company, directors for cheating bank of Rs 91-cr

The CBI has not ruled out the involvement of unidentified public servants in the case

In A major development, the Central Bureau of Investigation (CBI) registered a case against a private company and several individuals, including its directors, on allegations of bank fraud on Thursday. The complaint, filed by the Union Bank of India, Pune, accuses the borrower company of manipulating financial statements and diverting funds, resulting in a staggering loss of approximately Rs 91.92 crore to the bank.

The accused company, identified as M/s. K J Infrastructure Projects India Pvt. Ltd., along with its directors - Kalyan J Jadhav, Kalyan Eknath Kakade, Santosh Sambhaji Dhumal, and Amol Maruti Paigude, is alleged to have availed credit facilities from Union Bank of India by submitting falsified stocks-book debts statements and inflated financial figures. This deceitful practice allowed them to secure higher loan amounts, which were subsequently diverted to the accounts of affiliated companies instead of being used for the intended purposes. So far there have been no arrests.

"It was alleged that said borrower company and its promoters availed credit facilities from Union Bank of India on the basis of manipulated stocks-book debts statements, financial statements with inflated figures / over stating sales, income and profit in order to draw higher volume of amounts from the bank and thereby, diverted the proceeds into the accounts of its related and associated companies without its end utilization," the CBI said in its official statement.

As part of the investigation, the CBI conducted searches at various locations in and around Pune District. The searches yielded a significant haul of incriminating evidence, including voluminous documents, hard disks, and electronic gadgets from the premises of the accused individuals and companies. Additionally, M/s. Wing Infrastructure Engineering Pvt. Ltd. and Vinod Kalyan Jadhav have also been named as defendants in the case. The investigation is still on and the CBI has not ruled out the involvement of unidentified public servants and private individuals in the fraud case.

Rs 91.92cr
The exact sum the bank was cheated of