CBI registers four cases of loan fraud

CBI has registered four separate cases of fraud to the collective tune of Rs 20 crore for allegedly diverting funds taken from Bank of Maharashtra as loans to other purposes.
CBI today carried out searches in Pune at various locations in connection with the cases, the sources said.
They said the cases were registered on the allegations of Bank fraud, wherein Loans Against Property (LAP) were obtained during 2012 and 2013 in the name of different companies, from Bank of Maharashtra.
"The amounts sanctioned were allegedly diverted by the private parties for a purpose other than the one for which the same were sanctioned and their accounts became NPA (Non Performing Assets)," CBI spokesperson said.

Two cases have been registered against the then Assistant General Manager of Bank of Maharashtra of Model Town branch and two against the then AGM of Karve Road branch of Pune besides three businessmen who had allegedly availed loans on the basis of exaggerated prices of land or forged documents.
In total, four loans caused a loss to the tune of about Rs 20 crore to the bank as they had become non-performing assets.
"Searches were conducted today at the official and residential premises of the accused in Pune and Baramati which led to recovery of incriminating documents relating to case. Various movable & immovable assets, including two flats, three vehicles and certain bank accounts/investment were also recovered from the premises of then AGM, Bank of Maharashtra, Model Colony Branch, Pune," the spokesperson said.