The Central Bureau of Investigation (CBI) has made an arrest in connection with an ongoing investigation into a case involving a fraud of approximately 289.15 crore rupees. The accused, who holds the position of Chairman and Managing Director in a private company, was apprehended as part of the probe. The case, which dates back to May last year, pertains to fraudulent activities against a consortium of banks.
According to allegations, the consortium of banks, including Bank of India, Union Bank of India, Canara Bank, Bank of Baroda, and UCO Bank, extended a Term Loan of 300 crore rupees to the borrower company between 2009 and 2014. The loan was granted for the purpose of constructing a hotel in Paschim Vihar, New Delhi, along with commercial spaces.
Further investigations revealed that the accused had allegedly sold numerous commercial, retail, and office spaces within the hotel-cum-commercial building to various parties without notifying the lending banks. The funds obtained from these buyers were allegedly diverted and misappropriated.
The arrested individual was presented before the Competent Court in Delhi and has been remanded in police custody until the 13th of this month. The CBI continues its efforts to uncover further details and gather evidence related to the case.
The arrest serves as a significant development in the ongoing investigation, reflecting the agency’s commitment to tackling financial fraud and protecting the interests of the banking sector. The case highlights the importance of maintaining transparency and adherence to legal procedures in financial transactions to prevent such fraudulent activities. The CBI’s relentless pursuit of justice in this matter is a testament to its dedication in upholding the law and preserving the integrity of the banking system.