The CBI on Wednesday searched six places in Bengaluru, Indore and Mumbai over a cheating case registered in Bhopal against a private company and its directors.
A statement from the CBI said Ruchi Global Ltd, its director and a few unknown public servants caused a loss of Rs 188.35 crore to banks. The Bank of Baroda had filed a complaint on behalf of a consortium of lending banks against the company that has its registered office in Mumbai and corporate office in Indore.
The fraud took place between January 2016 and December 2017. It is alleged that the accused fraudulently indulged in diversion of funds, speculation transactions, non-routing of sale proceeds in consortium bank accounts and transactions with related parties/sister concerns, resulting in Rs 188.35 crore of loss to the lending banks, the CBI said.
The other consortium of banks such as Punjab National Bank and Jammu and Kashmir Bank had given their mandate to Bank of Baroda to file the complaint with CBI on their behalf.
The directors of the company have been identified as Umesh Shahra, Saket Barodia, and Ashutosh Mishra. The officials have not revealed further information.
(Published 16 June 2021, 19:51 IST)
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