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CBI arrests two former company directors of a Kathua based unit involved in bank fraud | India News

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JAMMU: The Central Bureau of Investigation (CBI) on Wednesday said that it arrested two former directors of a Kathua-based private company in a case related to bank fraud amounting to Rs. 87.88 crore from 2006 to 2019.
The arrested duo identified as Anil Kumar and Praveen Kumar, both served as then directors of M/s Bharat Papers Ltd.
A CBI spokesperson said that a case was registered on February 12, 2020 against the private company and others including its managing director (MD) and directors following a complaint from State Bank of India (SBI), SAM Branch, Ludhiana.
“It was alleged that the accused in conspiracy with unknown officials of State Bank of India, had cheated the bank to the tune of Rs 87.88 crore (total amount with interest of around Rs.121.13 crore) during the period from 2006 to 2019 by illegally removing machinery and other parts without getting prior permission or without informing the lender banks,” he said.
Both the accused were produced before the CJM court on Wednesday.




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