The Central Bureau of Investigation (CBI) has conducted searches at five locations in Jaipur, Rajasthan. The searches were conducted at the premises of Swastic Coppers Pvt Ltd and its directors. The investigation is related to an alleged fraud of over ₹48.06 crore in the Union Bank of India.
According to officials, the CBI has booked the company and its directors and guarantors for allegedly cheating the bank. The company is engaged in the business of manufacturing and repair of power distribution transformers. The FIR filed by the CBI names the company directors/guarantors Sandeep Jain and Indra Jain, ex-director/guarantor Neelam Jain, guarantor Sharad Kumar Bakliwal, as well as other unidentified public servants and private persons.
The allegations state that the accused persons conspired to cheat the bank for approximately ₹48.06 crore. It is alleged that the company obtained a cash credit limit by submitting false and inflated documents. Furthermore, it is claimed that the accused individuals defaulted on inland LCs (letter of credit), BGs (bank guarantee), and diverted the bank funds through transactions with related parties.
After registering the FIR, CBI teams conducted searches at various locations, including the factory and official and residential premises of the accused persons in Jaipur.
