The Central Bureau of Investigation has registered a case on a complaint from UCO Bank against former CMD, UCO Bank; a Private Engineering Company based at New Delhi; its CMD & nine others and other unknown public servants / private persons u/s 120-B r/w 420, 467, 468, 471 of IPC and 13(2) r/w 13(1)(d) of PC Act.
It was alleged that the accused persons in pursuance of conspiracy defrauded UCO Bank to the tune of Rs. 621 crore (approx.) by diversion & siphoning of the bank loans, without utilizing it for the sanctioned purpose and produced false end use of certificates issued by the Chartered Accountant, by fabricating business data etc. It was further alleged that the then CMD of the Bank at the relevant period facilitated the accused company in obtaining the said loan.
Searches were conducted today at 10 places including 08 in Delhi and 02 in Mumbai, at the office premises of the companies, Chartered Accountants and the residence of the accused. Investigation is continuing.