CBI probe into Rs 180 crore fraud on banks

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CBI probe into Rs 180 crore fraud on banks

Last Updated : 18 Jun 2020 11:53:03 AM IST

CBI

The Central Bureau of Investigation (CBI) has registered a case on a complaint from State Bank of India against Indore based-private company Indison Agro Foods Limited and its three Directors Vijay Kumar Jain, Mahendra Kumar, and Devraj Jain and unknown public servants on the allegations of cheating and defrauding the bank to the tune of approximately Rs 180.15 crore.

The company was allegedly engaged in import, processing and trading of different pulses including export to European and Middle East countries.

The company that started its operation in 2003 was sanctioned credit facilities in 2013 by a consortium of banks formed with Allahabad Bank, IDBI Bank and e-SB of Patiala led by SBI. The CC account turned irregular since 2014 and was declared NPA in 2015.

Searches were conducted at nine places, eight at Indore and one at Jodhpur which led to recovery of incriminating documents, said a CBI release.