Cbi Case Against Vijaya Bank Former Chief

The Central Bureau of Investigation (CBI) has registered a case against former chairman and managing director of Vijaya Bank Sadanand Shetty along with the directors of a private firm for allegedly conspiring and cheating the bank of over Rs 117 crore.

According to a statement issued by the agency, the bank was cheated by way of sanctioning/availing huge credit facility and later on diverting these funds for other purposes.

The firm also sold imported raw materials in the open market and evaded customs duty, according to the Central Bureau of Investigation statement.

Searches were also conducted at the residential premises of the former bank executive in Bangalore and Mumbai and the official premises of the private firm and residences of its directors, the statement said.

 

The CBI also claimed that the search atShettys residence led to the seizure of share certificates of Rs 11.40 lakh besides documents.

Over Rs two lakh in cash and $1,200 were also allegedly seized from the residence of directors of the private firm. Over 200 files, relating to transaction in question and alongwith records pertaining to orders received from ONGC and Indian Oil Corporation, was also seized from the office of the firm, the CBI said.