New Delhi. The Central Bureau of Investigation (CBI) on Friday said that it has searched the premises associated with Indian Technometal Company Limited and its directors Rakesh Kumar Sharma and Vinay Kumar Sharma in the Rs 555.65 crore bank fraud case. A CBI spokesperson said the teams of the agency searched the premises of the company and its directors. These premises are in Himachal Pradesh and during search many suspicious documents have also been seized from here.
The official said that the agency had registered a case against Technometal Company Limited and its directors and some government officials against other public servants on the complaint of Union Bank of India. In its complaint, the bank alleged that the company through its directors hatched a conspiracy with others and Corporation Bank (now Union Bank), State Bank of Hyderabad (now State Bank of India), Punjab National Bank, Punjab and Sindh Bank , UCO Bank, Syndicate Bank, Central Bank of India, Karur Vyasya Bank and JM Financial ARC cheated the consortium of banks. The directors committed these frauds on the basis of misrepresentation, false facts and documents, as well as hiding the necessary information, causing a loss of Rs 555.65 crore to the consortium of banks.
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