Central Bureau of Investigation (CBI) has booked former chief managing director (CMD) of UCO Bank, Arun Kaul in connection with a Rs 621 crore fraud.
Complaint was also lodged against Hem Singh Bharana, current chief managing director Pankaj Jain, chartered accountant Vandana Sharda, Pawan Bansal of M/S Altius Finserve Private Ltd and other unnamed public servants.
The case was registered after complaint from UCO Bank.
According to the complaint, the accused persons in pursuance of criminal conspiracy defrauded UCO Bank to the tune of Rs 621 crore by diversion and siphoning of the bank loan.
It is further alleged that the loan was not utilised for the sanctioned purpose and was secured by producing false documents issued by the chartered accountants.
Arun Kaul, then CMD of the bank allegedly facilitated the accused company in obtaining the said loan, said CBI. The agency conducted searches at eight locations in Delhi and two in Mumbai.
Incriminating documents were seized by the CBI sleuths after raids at the residences of the accused and chartered accountants, and the companies’ offices. (india today)
