CBI books directors of Kangra firm, others for duping banks of Rs 556 crore

The Central Bureau of Investigation has booked a Kangra-based private company and others for allegedly duping a consortium of banks to the tune of Rs 556 crore, the agency said in a statement.

CBI spokesperson RC Joshi said that according to a complaint by Union Bank of India (erstwhile Corporation Bank), the directors of a firm called Indian Technometal Company Limited, in conspiracy with unknown public servants and others, had defrauded a consortium of banks including Corporation Bank (now Union Bank), State Bank of Hyderabad (now State Bank of India), Punjab National Bank, Punjab & Sindh Bank, UCO Bank, Syndicate Bank, Central Bank of India, Karur Vyasya Bank and JM Financial ARC.

They allegedly cheated the banks “on the basis of misrepresentations/concealment of facts and false documents/information” and the fraud caused a loss of Rs 555.65 crore to the banks, said Joshi.

“Searches were conducted at the premises of the accused/firm including at Kangra which led to recovery of incriminating documents,” he added. So far, the company and two of its directors have been named as accused in the case registered by the CBI.