ALSO READCBI arrests two in fraud case worth Rs. 24 crore CBI arrests company promoters, bank official in fraud case ED attaches properties worth Rs. 132 crore in Biotor bank fraud case CBI raids Central Bank, private trust officials in Rs 58 cr scam CBI registers case against two former Syndicate Bank officials
The investigation has indicated that it is a large-scale scam in which 13 companies of the Abhijeet Group took loans from over 20 banks and financial institutions which allegedly turned into non-performing assets since 2014 resulting in outstanding loans of Rs. 11,000 crore.
The agency had registered a case in 2015 against the accused for alleged criminal conspiracy and cheating.
The agency had acted on the complaint of both the public sector banks alleging that the accused perpetrated fraud of Rs. 290.77 crore (approx) by fraudulently availing line of credit facility during the 2011-13 period.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)