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Bank Frauds: CBI cracks down on loan defaulters in 12 states, registers 14 cases

The CBI has conducted this special drive against bank loan defaulters for an amount involving approximately Rs 640 crore. According to agency officials, 14 cases have been registered against the accused including various companies, their promoters/directors and bank officials.

twitter-logo BusinessToday.In        Last Updated: July 2, 2019  | 16:53 IST
Bank Frauds: CBI cracks down on loan defaulters in 12 states, registers 14 cases
The Central Bureau of Investigation (CBI) Tuesday raided more than 50 locations in 50 different cities across 12 states/UTs in a countrywide action relating to bank cases.

The Central Bureau of Investigation (CBI) Tuesday raided more than 50 locations in 50 different cities across 12 states/UTs in a countrywide action relating to bank cases. The agency conducted searches in various cities including Delhi, Mumbai, Ludhiana, Thane, Valsad, Pune, Palani, Gaya, Gurgaon, Chandigarh, Bhopal, Surat, Kolar.

The agency has conducted this special drive against bank loan defaulters for an amount involving approximately Rs 640 crore. According to agency officials, 14 cases have been registered against the accused including various companies, their promoters/directors and bank officials.

Also Read:ED raids Mumbai-based aluminium foil manufacturer in bank fraud case of over Rs 2,600 crore

"In a countrywide action relating to bank fraud scams/cases, CBI is conducting a special drive today and has begun searches at more than 50 places in 18 different cities in around 12 states/union territories," a senior agency official said.

"A total of 14 cases have been registered against the accused including various companies/ firms, their promoters/directors and bank officials," the official added.

According to India Today, few of the raids were being conducted at Winsome Group in Mumbai and Thane, Supreme Tex Mart Limited in Ludhiana, Tayal Group in Mumbai, Nafto Gaz India ltd in Delhi, SL Consumer Products Limited in Delhi and International Mega Food Park ltd in Punjab.

Also Read:ICICI-Videocon case: CBI registers FIR against Chanda Kochhar, Deepak Kochhar

Meanwhile, the search operation is still on and started Tuesday morning, they said. Further details will follow as the CBI wraps up its drive. The CBI crackdown comes amid a huge chunk of bad loans and NPAs the much of which stays unpaid by large corporate borrowers. According to the Reserve Bank of India (RBI), around 6,800 cases of bank fraud involving Rs 71,500 crore have been reported in 2018-19.

In financial year 2018-19, the government made a capital infusion of Rs 1,06,000 crore in the public sector banks, which was much higher than the earlier provision of Rs 65,000 crore in December 2018.

Also Read: Videocon case: CBI raids Mumbai, Aurangabad offices; registers FIR

Also Read:CBI conducts raids at Bhushan Power & Steel premises for Rs 2,348-crore bank fraud

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