CBI Books 5 Persons, Jaipur Firm In 48 Cr Bank Fraud Case, Raids Ongoing

New Delhi [India]: The CBI booked five individuals, including a Jaipur-based private company and its directors and promoters, along with others, over allegations of bank fraud amounting to approximately Rs 48.06 crore.

The company, engaged in the manufacturing and repair of power distribution transformers, is alleged to have colluded in cheating the bank by submitting falsified documents to obtain a cash credit limit.

They are also accused of defaulting on inland letters of credit (LC) and bank guarantees (BG), as well as diverting bank funds through transactions with related parties.

The CBI was conducting searches at five locations, including the factory, official and residential premises of the accused in Jaipur till the time of filing this report.

The investigation in the matter was ongoing, the central probe agency informed.

According to the FIR filed by the investigation agency, five persons have been named in the case--M/s Swastic Coppers Pvt Ltd., Jaipur, Sandeep Jain (director/guarantor), Neelam Jain (ex-director/guarantor), Indra Jain (director/guarantor), Sharad Kumar Bakliwal (guarantor), unknown public servants and private individuals.

According to the agency, all four persons and the private firm were booked for bank fraud amounting to approximately Rs 48.06 crore.