The Central Bureau of Investigation has initiated an inquiry against three individuals associated with a Kurla-based partnership firm for allegedly defrauding Canara Bank of ₹11.37 crore. The firm, engaged in optical fibre laying and maintenance using horizontal directional drilling technology, also provides operation and maintenance services for telecom operators.
According to a complaint filed by P Saravanan, deputy general manager of Canara Bank’s Mumbai Circle office, the accused diverted sanctioned loan amounts to partner companies without valid reasons, misappropriated funds, and used them for purposes unrelated to business operations. The bank had extended multiple credit facilities amounting to ₹11.71 crore to the firm.
CBI officials stated that between 2022 and 2024, the borrowers allegedly manipulated accounts and submitted false stock statements to conceal fund diversion. These actions reportedly resulted in wrongful gains for the accused and significant losses to the bank. The loan account was declared a non-performing asset in April 2023 and was later classified as fraudulent.
Investigators added that the accused, in criminal conspiracy with unidentified public servants, committed offences under the Indian Penal Code and the Prevention of Corruption Act. The charges include criminal misappropriation, fraud, and criminal misconduct.
The CBI has registered a formal case and is conducting detailed investigations into the alleged fraud and financial irregularities.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream formerly known as CIO News LinkedIn Account | The Mainstream formerly known as CIO News Facebook | The Mainstream formerly known as CIO News Youtube | The Mainstream formerly known as CIO News Twitter |The Mainstream formerly known as CIO News Whatsapp Channel | The Mainstream formerly known as CIO News Instagram
About us:
The Mainstream formerly known as CIO News is a premier platform dedicated to delivering latest news, updates, and insights from the tech industry. With its strong foundation of intellectual property and thought leadership, the platform is well-positioned to stay ahead of the curve and lead conversations about how technology shapes our world. From its early days as CIO News to its rebranding as The Mainstream on November 28, 2024, it has been expanding its global reach, targeting key markets in the Middle East & Africa, ASEAN, the USA, and the UK. The Mainstream is a vision to put technology at the center of every conversation, inspiring professionals and organizations to embrace the future of tech.
