Fresh action by the Central Bureau of Investigation (CBI) has uncovered an alleged bank fraud involving a Mumbai-based company that is accused of causing losses worth Rs 62.42 crore to Indian Bank.
The CBI registered a case on June 18 based on a complaint filed by the SAM Branch of Indian Bank in Mumbai against One World Sourcing and its partners, Aashima Manoj Khushal and Rakesh Kumar Singh, along with unknown public servants and private individuals.
According to the allegations, the accused entered into a criminal conspiracy and submitted inflated debtor figures and false financial information to banks. This allegedly helped them obtain higher cash credit facilities from Indian Bank and another bank, resulting in a wrongful loss of around Rs 62.42 crore to the complainant bank.
Following the registration of the case, the CBI conducted searches on June 20 at multiple premises linked to the partners in Mumbai and other locations after obtaining warrants from the Special Court for CBI Cases in Mumbai.
During the searches, officials seized documents considered important to the investigation. Preliminary scrutiny of the material indicates the existence of debtor entities whose credentials are currently being verified. Documents related to the alleged inflation of debtor figures used to secure enhanced credit facilities have also been recovered.
The agency said the investigation is continuing to determine the full extent of the conspiracy, identify the role of all involved persons, including public servants and private individuals, and trace the utilisation of the loan funds.
Earlier, on June 19, the CBI conducted searches at 8 locations in Kolkata in connection with separate cases involving Tantia Construction Ltd., Brahm Alloys Ltd. and Amrit Feeds Ltd. In the Tantia Construction case, searches at the residences of company directors led to the seizure of incriminating documents. The case relates to an alleged fraud of Rs 73 crore involving cash credit and term loan facilities from Punjab National Bank.
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