You are here: Home » Companies » News
Business Standard

CBI probing Surya Pharmaceuticals in Rs 6.2 billion bank fraud case

The finance ministry had earlier asked all banks to step up vigilance following a $2 billion fraud in February at India's second-biggest state-run lender Punjab National Bank

Reuters  |  New Delhi 

CBI probing Surya Pharmaceuticals in Rs 6.2 billion bank fraud case

have launched an investigation into a Delhi-based company for allegedly defrauding state-run and four other banks of 6.21 billion rupees ($94.57 million), police said.

"Investigation is continuing," (CBI), the federal police, said in a statement on Tuesday. The CBI said the searches were conducted at seven locations and recovered some documents.

The police acted following a complaint from the against , its two promoters and a Dubai-based company, alleging they had defrauded the banks and siphoned off funds through group companies, a police report reviewed by Reuters showed.

Reuters' attempts to contact officials of and officials through phone and email outside office hours remained unanswered.

The had earlier asked all banks to step up vigilance following a $2 billion fraud in February at India's second-biggest .

 

 

 

First Published: Wed, April 18 2018. 01:58 IST
RECOMMENDED FOR YOU