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Press Release
Published March 29, 2018
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CBI registers 2 cases of cheating on Bank of India complaint

Date: March 29, 2018
Categories: Oprisk, OperationalRiskSecurity, riskregulation, Risk and Regulation, riskmanagement
Keywords: Central Bank Of India, Bank Of India

The CBI has registered two separate cases on a complaint from Bank of India against directors of some private companies based in Punjab and others for cheating the state-run bank up to the tune of Rs 61.01 crore and Rs 28.30 crore, respectively.

The first case was registered on charges of criminal conspiracy, forgery, cheating and under Prevention of Corruption Act and substantive offences against Sri Nangli Rice Mills in Mandi Gurdaspur (Punjab) & its four directors; another private firm based in Swank Mandi in Amritsar and unknown persons and unknown public servants.

It was alleged that the accused induced Bank of India to sanction credit facilities on the basis of forged/fabricated stock statements, balance-sheets and cheated the bank without repaying the loan of Rs. 61.01crore.

The second case has been registered against Sri Nangli Agro Tech & its directors and another private firm in Pathankot.

It was alleged that the accused cheated the bank without repaying the loan to the tune of Rs 28.30 crore. Searches were conducted at various locations including Hoshiarpur, Gurdaspur, Amritsar & Pathankot.

Re-disseminated by The Asian Banker from The Economic Times