The Central Bureau of Investigation (CBI) has taken action against the directors of M/s K J Infrastructure Projects India Pvt Ltd Company in Pune, along with unidentified public servants and others, for their alleged involvement in a fraud case that caused a loss of Rs 91.92 crore to Union Bank of India.
According to the CBI, the company and its promoters are accused of obtaining credit facilities from Union Bank of India based on manipulated documents. These include stocks-book debts statements, financial statements with inflated figures, and overstating sales income and profit. By presenting false information, they were able to secure larger amounts from the bank. Instead of utilizing these funds as intended, they allegedly diverted the proceeds into accounts belonging to their related and associated companies.
As part of the investigation, the CBI conducted searches at various locations in and around Pune district. During these searches, they seized substantial evidence, including voluminous documents, hard disks, and electronic gadgets, from the premises of the accused.
The CBI’s efforts in this case are aimed at uncovering the truth, gathering evidence, and bringing the responsible individuals to justice. By exposing such fraudulent activities and holding the culprits accountable, it is hoped that the banking system will be safeguarded and public trust will be maintained.