CBI charge sheets company of cheating bank by Rs 102.45 cr

CBI has charged a Gurgaon-based businessman with cheating Indian Overseas Bank of Rs 102.45 crore by submitting forged bills of iron ore exports.
CBI sources said a charge sheet has been filed before special CBI court in Saket here against Gagan Shukla, Managing Director, Alpine Minmetals India Pvt. Ltd under IPC sections related to cheating and forgery for allegedly cheating Indian Overseas Bank to the tune of Rs 102.45 crore (approx).
"It was alleged that the directors of the said company in criminal conspiracy with other unknown persons/public servant/bank officials defrauded the Indian Overseas Bank by way of availing export finance from the Indian Overseas Bank, Palika Bhawan, R K Puram, New Delhi on the basis of fake and fabricated documents and caused a loss of Rs 102.45 crore (approx) to the complainant bank," CBI Press Information Officer R K Gaur said here today.

He said the CBI investigation revealed that the accused had submitted three export bills under Letter of Credit to the Indian Overseas Bank requesting therein that the export of iron ore against the said alleged export bills had already been made by the company.
"Along with the bills, the company submitted fake bills of loading, certificates of quality and certificates of weight in respect of iron ore purportedly exported by the said company. Since, the documents submitted by the accused company were found in order as per the term and conditions of the Letters of Credit, the bank negotiated all the alleged three export bills of the company to the tune of Rs 102.45 crore (approx), the amounts of which were not realised by the foreign Letter of Credit opening banks," Gaur said in a statement.

He alleged the company, therefore, cheated the Indian Overseas Bank by way of availing export finance under Letter of Credit from the bank on the strength of fake and fabricated documents.