In response to a clarification regarding a news item titled, "CBI books ex-UCO Bank CMD in ₹621-crore cheating case", sought by the stock exchanges, the bank clarified that it filed a complaint with CBI on April 11 against Era Infra. It was further alleged that Kaul had at the relevant period facilitated the accused company in obtaining the said loan.
The accused persons had hatched a criminal conspiracy and allegedly defrauded the UCO Bank of about Rs 621 crore by diversion and siphoning off two bank loans.
The offices of the companies, accountants and the residences of the accused are being searched, the CBI said. This, in turn, is supposed to have caused a loss of Rs 7.37 billion to the bank.
Another state-run lender PNB had in February disclosed that companies owned by two jewellers defrauded it by raising credit from overseas branches of other Indian banks, using illegal guarantees issued by staff at a Mumbai PNB branch over several years. It was found that the company did not utilize the amount for the goal for which it was disbursed and diverted the funds. The Rs 2 billion was issued for repayment of higher cost debt to Central Bank of India, Punjab National Bank (PNB), and IFCI.
Chartered accountant Pankaj Jain dishonestly and fraudulently did not mention the details of utilisation of term loan in the end-use certificate. And, the money was not utilised for the sanctioned objective, CBI has alleged. "The account was categorised as non-performing asset since July 1, 2013 onwards", the UCO Bank said in a regulatory filing on Monday.
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