Business Standard

CBI arrests company promoters, bank official in fraud case

IANS  |  New Delhi 

The on Tuesday said it has arrested Abhijeet Group promoters -- Manoj Jayaswal and Abhishek Jayaswal -- and a former Deputy General Manager T.L. Pai on the charge of causing loss of over Rs 290 crore to two banks through

According to the CBI, the accused caused loss of Rs 218.85 crore to and Rs 71.92 crore to Vijaya

The Central Bureau of Investigation (CBI) said its probe revealed a large-scale scam in which 13 companies of the Abhijeet Group raised loans from over 20 banks and other financial institutions, which turned into non-performing assets (NPAs) since 2014 and led to outstanding loans of Rs 11,000 crore.

The arrests were made in a case registered by the agency in 2015 on a complaint by the two public sector banks that the accused perpetrated a of Rs 290.77 crore through criminal conspiracy and cheating.

The group promoters were arrested from Kolkata.



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First Published: Tue, June 13 2017. 15:52 IST