The Central Bureau of Investigation has registered a case under section 120-B of IPC r/w 13 (2) r/w 13(1) (d) of PC Act against then Chairman & Managing Director, United Bank of India; a private firm based at New Delhi; another private firm based at Kolkata and other unknown persons. It was alleged that the then public servant while posted as ED of Canara Bank in the year 2011 & as CMD of United Bank of India in the year 2013 had abused her official position & obtained certain amounts for herself or for a New Delhi based private firm (owned by her husband & her son), from the companies to whom various credit facilities were granted by the banks, where she had worked.
Searches conducted at the residential premises of accused persons in Delhi, Noida, Mumbai, Kolkata & Howrah led to the recovery of jewellery worth Rs. 2.85 Crore (approx) & Rs. 10.50 lakh (approx) cash from the bank lockers in her name & her family members; deposits of Rs. 5.42 crore (approx) in her name & family members; Rs. 2.26 Crore (approx) in her bank accounts; documents of two properties i.e. a three storey Bungalow at Noida & a flat at Vasant Kunj, New Delhi and two properties in the name of her family members in Delhi & Mumbai.
Further investigation is in progress.
CBI ARRESTS A PROMOTER OF TWO PRIVATE COMPANIES AND CONDUCTS SEARCHES AT NINE PLACES IN AN ON-GOING INVESTIGATION OF A CASE
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Press Release
New Delhi, 20.09.2016
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The Central Bureau of Investigation has today arrested a promoter of two private companies and conducted searches at 9 places in Mumbai, including the residence & office premises of said Promoter of Mumbai based two private companies; then Executive Director, SEBI and others in an on-going investigation of a case. Incriminating documents, including transfer of shares by private companies, FDR, purchase of assets etc., recovered during searches are being scrutinized for further investigation.
This case was registered U/s 120 B of IPC read with Section 420 of IPC & Section 13(2) read with 13(1)(d) of Prevention of Corruption Act, 1988 against the Promoter of Mumbai based private company; four then SEBI officials and others on the allegations of connivance of the SEBI officials with private company/stock exchange (MCX-SX) of Mumbai in fraudulently allowing renewal of recognition of said company/stock exchange to conduct trade in currency derivatives in 2009-2010. It was further alleged that the said private company/stock exchange had dishonestly entered into a buyback arrangement with some financial institutions in violation of the Securities Contract Regulation Act, 1956 and other rules & regulations and deliberately suppressed this material fact while applying for extension of its recognition to operate in currency derivative. The SEBI allegedly rejected the request of private company/stock exchange for trading in other segments in 2010, but renewed the registration granted to said company/stock exchange even though it was not compliant to SEBI MIMPS Regulations.
Further investigation is continuing.
CBI REGISTERS A CASE AGAINST TWO THEN DIRECTORS OF DELHI BASED PRIVATE FIRM AND OTHERS FOR CAUSING AN ALLEGED LOSS OF RS.4138 LAKH(APPROX) TO INDIAN OVERSEAS BANK
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Press Release
New Delhi, 16.09.2016
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The Central Bureau of Investigation has registered a case on a complaint from Indian Overseas Bank (IOB), Regional Office, New Delhi u/s 120-B r/w 420, 467, 468, 471of IPC and Sec. 13(2) r/w 13(1) (d) of Prevention of Corruption Act, 1988 against the then two Directors of New Delhi based private Air travels firm and other unknown public servants & private persons.
It was alleged that the accused persons in connivance /criminal conspiracy with the branch officials and with each other had siphoned-off the bank funds sanctioned under CC Limit and as Bank Guarantees to said firm. The accused persons allegedly submitted fabricated financial statement for availing credit facilities and the enhancement of the same. It was further alleged that through submission of false Book Debt statements, the accused person induced the bank to disburse funds which were siphoned off, causing a loss of Rs.4138.85 lakh(approx) to the complainant bank.
Searches were conducted at 04 locations in New Delhi which led to recovery of incriminating documents & certain Hard Disks.
Further investigation is continuing.
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CBI ARRESTS THEN DIRECTOR(IA&AS OFFICER) WORKING IN THE OFFICE OF DIRECTOR GENERAL(AUDIT) AND TWO OTHERS IN AN ON-GOING INVESTIGATION OF A DISPROPORTIONATE ASSETS CASE
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Press Release
New Delhi, 09.09.2016
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The Central Bureau of Investigation has arrested then Director(AMG-II) working in the office of Director General of Audit (General Expenditure), AGCR Building, New Delhi and two other persons including brother-in-law of then Director(AMG-II) in an on-going investigation of a disproportionate assets case.
A case was registered on 09.10.2014 against then Director(AMG-II), an IA&AS Officer working in the office of Director General of Audit(Gen.Expenditure), AGCR Building, Indraprastha Estate, New Delhi and others on the allegation that the accused had amassed assets to the tune of Rs.1.67 crore (approx) which was disproportionate to the known sources of income.
This case was an off shoot of an earlier case registered during 2014, in which brother-in-law (a doctor) of public servant was caught by CBI for accepting Rs.5 lakh as bribe on behalf of said public servant for not harassing the officials of a Nursing College based at Manapakkam. During searches in the trap case, an amount of Rs.97, 96,000/-(approx) was recovered from the house of brother-in-law of public servant. A chargesheet was filed in this case on 31.10.2014. The case is under trial in CBI Court.
The arrested accused persons were produced in the Court of Special Judge, CBI Cases, Chennai and remanded to judicial custody till 21.09.2016.
FOUR YEARS RIGOROUS IMPRISONMENT TO THEN BRANCH MANAGER OF ANDHRA BANK AND THEN DIRECTOR OF PRIVATE FIRM FOR CAUSING LOSS OF RS. 1.44 CRORE (APPROX) TO BANK
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Press Release
New Delhi , 08.09.2016
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The Special Judge for CBI Cases, Bangalore (Karnataka) has convicted Shri A.E. Devandranath, then Branch Manager, Andhra Bank, Chamrajpet Branch, Bangalore & Mr. F. Don Bosco, then Director of M/s. J.J. Fashion Studio Pvt. Ltd., Bangalore and sentenced them to undergo four years rigorous imprisonment with a fine of Rs.50,000/- each U/s 420 of IPC. Shri A. E. Devandranath was also sentenced to undergo two years RI with fine of Rs. 25,000/- U/s 13(2) r/w 13(1)(d) of P.C. Act 1988.
CBI had registered a case on 27.12.1999 on complaint received from Andhra Bank against Shri A.E. Devandranath, then Branch Manager, Andhra Bank, Chamarajpet Branch, Bangalore; M/s. J.J. Fashion Studio Pvt. Ltd., represented by its Director, Shri F.D. Bosco and others u/s. 120-B r/w. 420 of IPC and Sec. 13(2) r/w. 13(1)(d) of PC Act, 1988 alleging that the Branch Manager cheated the bank by allowing various packing credit facilities to M/s J.J. Fashion Studio Pvt. Limited, Bangalore in gross violation of the Bank’s laid down procedure and guidelines. Further, the accused accepted the foreign export bills of M/s J.J. Fashion and gave credit facilities to the company without waiting for the realization of bills & obtaining required information. He did not conduct periodical inspection and accepted false & inflated stock statements and also allowed packing credit against fax copies of the order in the name of sister concerns of the borrower. An alleged loss to the tune of Rs. 1,44,72,580/- (approx) inclusive of interest was caused to Andhra Bank. After investigation, chargesheet was filed on 31.08.2001.
The Trial court found the accused guilty and convicted them.
My Observation on Government is however different from that of media and that general public.
Some section of media and that of Politics appear to be fully prejudiced. Bad loan creation took place due to corruption in banks and in politics. This culture is creation of Congress party which ruled over us for decades in the name of poor. Indira Gandhi nationalised banks apparently for poor. From 1991 exploitation of bank got started and slowly accelerated in the name of autonomy and freedom and it continued toll now. Culture does not change overnight.
It was absolutely due to wrong policies of P Chidambram, Manmohan Singh and preceding FM under rule of Congress party or UPA that bad loan rose to such an high extent. During that period bankers were forced to hide bad loans and project rosy pictures of bank to attract investment.
Under Modi rule ,bad loans are getting exposed. There are thousands of Mallya still hidden from public eyes . You appear to be victim of media vendetta created around Mallya to tarnish image of Modi. Sanction of loan takes place in banks and pressure comes from ruling Party. Now you can imagine who are real culprit. If an MP or a Minister or mr. Jaitley sits beside a looter in Parliament, it does not mean that looter is his product. Do you think that Jaitley should sir outside Parliament only because Mallya was sitting inside? Have you not been a witness of sanction of loan to bad borrowers by higher bosses even though existing irregularities.
Jaitley is no where part of story of bad loan creation. So far as misuse of power is concerned it is human nature and only a few can keep distance from it though with lot of suffering. He is making true effort from his mind and he may not get desired success or may get depends upon his ability to identify root causes of sickness and then prescribing proper medical treatment to cure it..
It is best management of Jaitley and his government that bankers are now actively involved in recovery of past dues. At the same time they are slowly and gradually exposing hidden bad loans. More than ten lac crores of loans are bad and it is not easy for any government to recover it with ineffective judiciary,ineffective administration and wrong culture of Politics taken roots all where.
Jaitley might have recommended for loan to few persons when he was in opposition. But Chidambram and his colleagues did during their rule is much more voluminous. It is like Khira chor and Hira Chor
One after other cases pertaining to corruption of CMD or ED of PSU banks are now surfacing. CBI is slowly catching hold of black sheep of banks who caused banks huge losses and who themselves became wealthy and powerful.
Congress government promoted culture of flattery and bribery and now slowly this trend is getting reversed and importance of flattery and bribery getting diluted.
CBI has however not exposed any political leader who is usually a master mind behind a bad loan. CBI has to start booking politicians also who build pressure on bankers for finance to persons and companies of their choice. It is politicians ruling this country who have actually taught corrupt ways and means to bankers in the name of credit growth or GDP growth.
Whenever any CMD or ED was found to be involved in bribe based lending, their political masters used to provide shield and finally corrupt officers used to acquitted and exonerated from all charges. This culture is gradually changing during the rule of Mr. Narendra Modi led BJP government.
In old days, only junior officers used to be punished and made scapegoat for fault of senior bankers. At least , now seniors are also being caught . This change is to be appreciated.
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BI REGISTERS A CASE AGAINST THEN EXECUTIVE DIRECTOR, CENTRAL BANK OF INDIA & OTHERS AND CONDUCTS SEARCHES
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Press Release
New Delhi, 30.09.2016
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The Central Bureau of Investigation has registered a case against, then Executive Director, Central Bank of India, (who retired as CMD of Canara Bank) and others on a complaint received from Central bank of India alleging therein that then Executive Director in criminal conspiracy with two Directors of private Transport company based at Delhi had allowed deviations in sanctioning credit facilities to the tune of Rs.13.5 crore (approx) to the said company in violation of the laid down rules & regulations. The firm turned defaulter in repayment of the loan to the tune of Rs.6.9 crore (approx) to the bank and corresponding wrongful gain to the said company.
Searches were conducted at the premises of accused in Delhi which led to recovery of incriminating documents. The documents showing investment of Rs. Two crore (approx) in the name of then ED, Central Bank of India and his family members were also recovered from his residence.
Further investigation is continuing.
CBI REGISTERS A CASE AGAINST THEN CMD OF UNITED BANK OF INDIA & OTHERS AND RECOVERS ASSETS WORTH CRORES DURING SEARCHES
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Press Release
New Delhi, 15.09.2016
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The Central Bureau of Investigation has registered a case under section 120-B of IPC r/w 13 (2) r/w 13(1) (d) of PC Act against then Chairman & Managing Director, United Bank of India; a private firm based at New Delhi; another private firm based at Kolkata and other unknown persons. It was alleged that the then public servant while posted as ED of Canara Bank in the year 2011 & as CMD of United Bank of India in the year 2013 had abused her official position & obtained certain amounts for herself or for a New Delhi based private firm (owned by her husband & her son), from the companies to whom various credit facilities were granted by the banks, where she had worked.
Searches conducted at the residential premises of accused persons in Delhi, Noida, Mumbai, Kolkata & Howrah led to the recovery of jewellery worth Rs. 2.85 Crore (approx) & Rs. 10.50 lakh (approx) cash from the bank lockers in her name & her family members; deposits of Rs. 5.42 crore (approx) in her name & family members; Rs. 2.26 Crore (approx) in her bank accounts; documents of two properties i.e. a three storey Bungalow at Noida & a flat at Vasant Kunj, New Delhi and two properties in the name of her family members in Delhi & Mumbai.
Further investigation is in progress.
CBI REGISTERS A CASE AGAINST THREE THEN ASSISTANT MANAGERS OF INDIAN OVERSEAS BANK AND OTHERS FOR CAUSING AN ALLEGED LOSS OF Rs. 321 CRORE (APPROX) TO GOVERNMENT EXCHEQUER
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Press Release
New Delhi , 10.08.2016
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The Central Bureau of Investigation has registered a case on a complaint received from Indian Overseas Bank, Zonal Office, Delhi u/s 120-B r/w 420 of IPC and Sec. 13(2) r/w 13(1) (d) of Prevention of Corruption Act, 1988 against three then Assistant Managers, Indian Overseas Bank, Chandigarh; a Proprietor of Chandigarh based private firm; Proprietor of another Chandigarh based private firm; two then Directors of another Chandigarh based private firm & also said firm; a Hong Kong based company; a Brigadier (Retd.) based at Chandigarh and other unknown public servants & private persons.
It was alleged that the accused persons in connivance / criminal conspiracy with the branch officials & with each other siphoned off the bank funds under the garb of Letter of Comfort in favour of Hong Kong based company purportedly issued by officials of Indian Overseas Bank, Chandigarh to Punjab National Bank (PNB), Dubai and Bank of Baroda (BoB), Bahamas. Based on these fraudulently issued Letters of Comfort, these Foreign Banks issued Buyers’ Credit to the account of accused companies abroad. An alleged loss of Rs. 321 crore (approx) was caused to the complainant bank (IOB) and the foreign branches of PNB and BoB.
Searches were conducted today at 14 locations at Chandigarh, Ludhiana, Panchkula, Amritsar and Zirakpur (Punjab) at the premises of accused which led to recovery of incriminating documents.
Further investigation is continuing.
Loan default case:ED attaches Rs 235 cr assets of Kolkata firm-Times of India-30.09.2016
Kolkata, Sep 29 (PTI) Enforcement Directorate (ED) today attached assets worth Rs 235 crore of a Kolkata-based firm in connection with its money laundering probe in an alleged bank loan default case of UCO bank.
The agency said it has attached immovable properties worth Rs 233 crore and 19 bank accounts having deposits amounting to Rs 1.60 crore totalling about Rs 235 crore which belong to the Tayal group of companies under provisions of the Prevention of Money Laundering Act (PMLA).
The ED took cognisance of the case on the basis of a CBI FIR which was registered on a complaint made by UCO bank against the group for alleged default of Rs 296 crore.
Chennai court sentences former bank official to jail term-Times of India-30.09.2016
A special CBI court in Chennai has sentenced a former manager of India Bank to five years rigorous imprisonment along with a fine of Rs 5 lakh for a bank fraud case.
CBI charges 16 in Rs 79.69 lakh fraud case-Indian Express-01.10.2016
The incident happened between January 31, 2015 and June 29, 2015, where Tanaji Shrirang Borkar, the Bank of Baroda branch manager allegedly entered into a conspiracy with others causing financial loss to the bank.
The Central Bureau of Investigation (CBI) has chargesheeted 16 individuals including branch manager of Bank of Baroda’s (BoB) Pimple Saudagar branch in an alleged case of financial fraud. The case had come to light in January 2016 after which the accused persons, which also include several employees of Shree Mungippa Steel Corporation, MK Associates, Jay Bharat Handloom House and Aditya Water Suppliers, were found to be allegedly involved in a fraud of Rs 79.69 lakh, where loans were disbursed to the firms based on forged documents.
The incident happened between January 31, 2015 and June 29, 2015, where Tanaji Shrirang Borkar, the BoB branch manager allegedly entered into a conspiracy with others causing financial loss to the bank.
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