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CBI books a firm in Rs 679 crore bank frauds; lingering cases still haunt
By IndianMandarins- 01 Jun 2021
1367New Delhi (01.06.2021): Even though fraud cases in PSBs have been declining as stated by the latest RBI annual report, the past cases have been lingering, adding to the workload of the CBI and distorting books of accounts of PSBs. In the past few days, the CBI filed a case against four Promoters-Directors of a private company called Ghosh Brothers Automobiles based in Guwahati, a Chartered Accountant, and unknown bank officials & private persons on a complaint from IDBI Bank for causing a loss of ₹168.62 crores (approx). The Bank had alleged that Term Loan and Cash Credit facility were sanctioned(obtained) fraudulently to the private company based at Betkuchi, Guwahati to the tune of ₹64.67 crores (approx) from the IDBI Bank, Guwahati Branch for purchasing vehicles. The problem arose because while securing the loan, the company submitted false documents and then diverted the sanctioned loan for other purposes. As of 31 January 2021, the original default amount of ₹64.67 crores including interests over the previous so many years has swelled to ₹168.62 crores (approx). This amount is listed as NPA in IDBI's book of accounts.
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CBI books a firm in Rs 679 crore bank frauds; lingering cases still haunt
By IndianMandarins - 2021-06-01 18:53:00
New Delhi (01.06.2021): Even though fraud cases in PSBs have been declining as stated by the latest RBI annual report, the past cases have been lingering, adding to the workload of the CBI and distorting books of accounts of PSBs.
In the past few days, the CBI filed a case against four Promoters-Directors of a private company called Ghosh Brothers Automobiles based in Guwahati, a Chartered Accountant, and unknown bank officials & private persons on a complaint from IDBI Bank for causing a loss of ₹168.62 crores (approx).
The Bank had alleged that Term Loan and Cash Credit facility were sanctioned(obtained) fraudulently to the private company based at Betkuchi, Guwahati to the tune of ₹64.67 crores (approx) from the IDBI Bank, Guwahati Branch for purchasing vehicles.
The problem arose because while securing the loan, the company submitted false documents and then diverted the sanctioned loan for other purposes.
As of 31 January 2021, the original default amount of ₹64.67 crores including interests over the previous so many years has swelled to ₹168.62 crores (approx). This amount is listed as NPA in IDBI's book of accounts.
