The Central Bureau of Investigation (CBI) Delhi has launched an investigation into a significant fraud involving Rs 20.66 crore with Bank of Baroda’s branch in Hisar. The case revolves around Shri Banke Bihari Oil Mills located in Meham, Rohtak district, where three individuals associated with the firm and others are implicated as accused.
Yogendra Singh Saini, AGM and Regional Head at Bank of Baroda’s Hisar office, filed a complaint detailing how Shakuntala Devi, Vipul Singla, Sonam Bansal, and other residents of Meham allegedly deceived the bank through misappropriation of funds. The fraudulent activities have reportedly led to a substantial loss amounting to Rs 20.66 crore for the bank.
The complaint was formally lodged on June 13, triggering CBI’s action resulting in an FIR being registered at Delhi Police Station SC-II on July 19. The investigation is ongoing, with no arrests made thus far.
Initial investigations suggest the possible involvement of some bank employees, which will be thoroughly probed by bank officials alongside the CBI. The saga began when Shri Banke Bihari Oil Mills initially secured a credit facility of Rs 17.98 crore from HDFC Bank, subsequently transitioning to Bank of Baroda with an approved credit facility of Rs 22.96 crore. However, by February 20, 2023, the firm began displaying signs of financial instability, prompting the bank to freeze their account and notify the Reserve Bank of India (RBI).
A forensic audit conducted in July last year uncovered the misuse of bank funds by the accused, who allegedly misappropriated borrowed funds for personal gains, thereby defrauding Bank of Baroda. The CBI’s investigation seeks to uncover the full extent of the fraud and bring the perpetrators to justice.
Stay tuned for updates as the investigation unfolds, revealing more details about this complex financial fraud case affecting Bank of Baroda in Hisar. Click here to join our whatsapp channel to get banking updates.
