CBI files loan fraud case of Rs3,847 crore against Mumbai-based Unity Infraprojects
IANS 18 September 2023
The Central Bureau of Investigation (CBI) has lodged an FIR of loan fraud of Rs 3,847.58 crore against Unity Infraprojects Ltd (UIL), a Mumbai-based firm, its CMD Kishore Avarsekar, and three directors of the company. 
The CBI had received a complaint in this regard from the State Bank of India (SBI), which said UIL had been a client of SBI since 2004.
During this period, the company reportedly utilised a range of financial services, both fund-based and non-fund-based, amounting to a total of Rs 703.63 crore. The company had access to a combined credit limit of around Rs 3,800 crore from a total of 23 different lenders.
It has been alleged in the FIR that UIL indulged in fictitious transactions to cheat the bank. 
The complaint stated, "The company in question engaged in deceptive practices, including fictitious transactions through fraudulent LC trade schemes, improper adjustments through data manipulation, fund diversion via non-consortium accounts, fund diversion involving related parties, and unexplained excessive payments. As a result, it illicitly siphoned funds from SBI and other consortium banks, defrauding these financial institutions." 
After verifing the facts, the CBI has now lodged an FIR under Sections 120 B and 420 of the Indian Penal Code (IPC), and Sections 13 (2), 13 (1) (d) of the Prevention of Corruption Act.
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
Mahadev App scam: ED seizes Rs417 crore after searches in Mumbai, Kolkata, Bhopal
IANS 15 September 2023
In a massive action against the online gambling app Mahadev Book money laundering case, the Enforcement Directorate (ED) on Friday said that it has seized Rs 417 crore after carrying out searches in Kolkata, Bhopal,...
CBI Arrests Gail India's Executive Director, 4 Others in Rs50 Lakh Bribery Case
IANS 05 September 2023
The central bureau of investigation (CBI) has arrested five persons, including KB Singh, the executive director of Gail India Ltd, in connection with the Rs50 lakh bribery case, sources said.
CBI is also conducting raids...
ED Raids Multiple Locations in Bhopal in Rs250 Crore Loan Fraud Involving Peoples Group
IANS 05 September 2023
The enforcement directorate (ED) on Tuesday said that it recently conducted search operations at multiple locations in Bhopal in the case of Peoples Group-Bhopal and the entities under it—Sarvajanik Jankalyan Parmarthik Nyas,...
Naresh Goyal sent to ED custody till 11th September in money-laundering case
IANS 02 September 2023

A special PMLA court in Mumbai on Saturday remanded Jet Airways founder Naresh Goyal to Enforcement Directorate (ED) custody till 11th September in connection with a case of bank fraud of Rs538 crore and money laundering.

Free Helpline
Legal Credit