CBI registers cheating case for defrauding IOB of Rs 41.30 cr

It is alleged that fraudsters have used false financial statements to siphon off sanctioned credit limit and bank guarantee

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The Central Bureau of Investigation (CBI) has registered a case of fraud against a tours and travel company for allegedly siphoning off Rs 41.30 crore of Indian Overseas Bank (IOB) through forged and fabricated documents related to availing of credit limits.

CBI sources said a case has been registered for criminal conspiracy, alleged cheating, forgery and fabrication of documents against Gaurav Mehra and Sonila Mehra, both directors of Airworth Travels and Tours and unknown bank officials.

Sources said it is alleged that they hatched criminal conspiracy and siphoned off sanctioned credit limit and bank guarantee by submitting fabricated financial statements for availing these facilities.

They said the duo allegedly submitted false account books, debit statements and induced the IOB's officials to disburse the funds to the tune of Rs 41.30 crore during 2009-13 which became non-performing assets during 2014.

The company which availed this facility for existing business of air ticket booking had sublet the business and diverted the funds for other businesses causing the loss of Rs 41.30 crore to the bank, the sources alleged.