Kolkata: CBI arrests two in bank fraud case

The Central Bureau of Investigation on Thursday arrested two directors of a city based private company in an on-going investigation of yet another bank fraud to the tune of Rs.515.15 crore.

It was alleged that the directors and vice president (Finance) of RP Info System cheated a consortium of 10 banks, such as Canara Bank, State Bank of India, State Bank of Bikaner & Jaipur, Union Bank of India, Allahabad Bank, Oriental Bank of Commerce, Central Bank of India, Punjab National Bank, State Bank of Patiala and Federal Bank committed bank fraud in criminal conspiracy with unknown bank officials by availing Bank funds on the basis of false & fabricated Stock/Receivables/Debtors Statements, forged Drawing Power letter.

It was further alleged that Letters of Credit (LC) opened by different member Banks of the Consortium on the applications of said private company started devolving from 2012 onwards due to non-maintenance of funds.

The said borrower company fraudulently did not route the sale proceeds through the loan account and allegedly siphoned off the entire amount. The said borrower company also inflated its receivables. Some of the purported Debtors had informed SBI that they had no dealings with the said private company.

The Debtors list submitted by the accused persons to the lending banks was false and fabricated. It was also alleged that the suspected companies shown as debtors had not purchased any computers or accessories from the accused company, although payment from them was shown as due.

The said accused persons also got opened LCs in the names of some fake supplier companies showing falsely that the accused company procured computer hardware & accessories from them for business.

A case has been registered on February 27 Under sections 120B, 420, 468, 471 of Indian Penal Code and Sections 13(2)of (Prevention of Corruption)PC Act, 1988.

Both the arrested will be produced in the Designated Court on March 16.