Rs 1,400 cr bank fraud case: CBI raids in Delhi, UP, Rajasthan, Haryana

New Delhi: The Central Bureau of Investigation (CBI) on Monday carried out searches at eight locations in Delhi, Uttar Pradesh, Rajasthan and Haryana over alleged bank fraud to the tune of Rs 1,400 crore by a private company.

A CBI spokesperson here said that the multiple agency team carried out searches in Delhi, Uttar Pradesh’s Saharapur, Bulandshahr, Haryana’s Palwal and Rajasthan’s Ajmer on the premises of Delhi-based Kwality Ltd, Sanjay Dhingra, Siddhant Gupta, Arun Srivastava and other unknown persons.

The action comes after the CBI registered a case on a complaint from Bank of India against Kwality Ltd and others including its Directors, and other unknown persons for causing an alleged loss of Rs 1,400.62 crore to Bank of India and other consortium of banks.

“It was alleged in the complaint that the said accused had cheated the Bank of India-led consortium comprising BOI (lead bank), Canara Bank, BoB, Andhra Bank, Corporation Bank, IDBI, Central Bank of India, Dhanlaxmi Bank, Syndicate Bank to the tune of Rs 1,400.62 crore by way of diversion of bank funds, sham transactions with related parties, fabricated documents/receipts, falsified books of accounts, created false assets and liabilities etc,” the official said.


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