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Rs.48 crore fraud in Union Bank of India


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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.

9 Comments

  1. Was banks valuer not taken in for valuing the properties.
    Whether Bank auditors given there observation in there reports!
    Whether Statutory auditors given there observation in there reports!

  2. Public money is misused by business men. Banks fail to carry out due diligence based in documents. It is a certain community which seems to scamming the banks and yet they pour money like water on them. So what makes them so special to scam banks

  3. 48 crores can not be sanctioned at branch. How and why and under whose delegated authority it was sanctioned must also be seen. What normally happens is person at branch is finally made scapegoat. Most important thing whether pre sanction audit was done and remarks therein.

  4. It is quite disturbing to note that bank has given forty eight crores without verifying the antecedents of loanee.
    For a poor farmer to sanction a loan of two lakhs they asked hundred papers for sanction.
    Unless there is a connection or underhand deal with sanctioning authority there is no scope of misuse of funds.

  5. The central government, particularly the finance ministry (stakeholders)has already allowed public sector banks management to keep their eyes shut in all nuisances in fulfilling individual lusts of a section so long they will continue in obliging the stakeholders. The regulator, the RBI was entrusted to keep their position clean by imposing some penalty/penalties at regular intervals on all nuisances, when reported.

    Both stakeholders and the Regulator confirmed erring practices to continue in PSBs but to draw rosy pictures of their performance always to help government in propagating and helping them in building image of ‘Champion ‘ .

  6. Recover whole money by whatever means and punish the officials who involved in case of negligence while sanctioning loan

  7. Ordinary people came in the bank for loan for their needy purpose then the bank people want to bring number of documents . mostly not sanction the loan.but they sanction loan without any documents some highly rich persons .it shows some fruders inside bank they cheat the public and nation ,

  8. There were so many instances of panel valuers giving over valuation, panel advocates giving misleading legal opinion ( skipping lapses) and auditors giving falise balance sheets & reports. Their performance should be reviewed periodically and de-panelled if finds necessary. Influences, reaching business targets, work pressure etc., also some reasons for not scrutiny properly.

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