Banking fraud case: CBI books RP Infosystems company, directors in Rs 515 crore banking fraud case

Mumbai: The lid is off bank scams. The latest to join the dirty Indian banking stable is Kolkata-based computer manufacturer RP Infosystems Ltd. The CBI on Wednesday booked the company and its directors in a Rs 515-crore banking fraud case.

This is the fifth case of loan default that the CBI has registered since Nirav Modi was accused of defrauding PNB of nearly Rs 12,636 crore earlier in February. The complainant in the case is Canara Bank: it has accused Infosystems of cheating a consortium of 10 banks it led of Rs 515.15 crore. The consortium includes the Punjab National Bank, the State Bank of India, the Union Bank of India, Allahabad Bank, the Oriental Bank of Commerce, Federal Bank, the Central Bank of India, the State Bank of Bikaner and Jaipur and the State Bank of Patiala.

The Canara Bank has alleged that RP Infosystems had availed of loans on the basis of false and fabricated stock and debtors’ statements. It also alleged that Letters of Credit issued by various member banks had started devolving since 2012 as the funds were not maintained.