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5 May 2017
The
Central Bureau of Investigation on Thursday arrested two promoter-directors of
a Kolkata and Delhi based private firm in an on-going investigation related to
cheating banks to the tune of approximately Rs 3,871.71 crore. The Total Investment & Insurance Solutions
Sandip
Jhunjhunwala and Sanjay Jhunjhunwala both promoters-directors of REI Agro, were
picked up as part of the probe to unearth the larger conspiracy and trace the
diversion and use of funds, a CBI statement said. The Total Investment & Insurance Solutions
A
case was registered against the firm, including its promoters-directors and
other executives on a complaint of UCO Bank. The Total Investment & Insurance Solutions
The
complaint related to allegations of cheating 14 consortium member banks (led by
UCO Bank) to the tune of approximately Rs 3,871.71 crore.
It
was alleged that the accused defrauded 14 public sector banks through diversion
of funds, showing high cost of false capital expenditure, suspected investment
in related companies, falsely inflating debtors, sale at higher price to
related or doubtful parties, fraudulent high sea transactions, non compliance
with fund utilisation, corporate guarantee without permission of consortium
members etc. The Total Investment & Insurance
Solutions
There
were also accusations about the absence of genuine business with the debtors or
creditors and false bills were issued in connection with the private firm.
Over
150 shell firms were allegedly arranged through a group of brokers against
fixed commission, for obtaining false invoices and diversion of bank funds.
"It
was also alleged that some of the suppliers were non-existent and some other
firms were having no genuine business with said firm and had routed the funds
of said private firm through their accounts," the CBI said. The Total Investment & Insurance Solutions
As
one of the accused was the chairman of the company during the period of fraud,
and settled out of India, a Red Corner Notice was published against him by the
UAE authorities for misappropriation of United Arab Emirates Dirham (AED) 160
million from United Arab Bank by submitting alleged forged documents of its
business deals.
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