CBI books a Mumbai-based firm for defrauding Union Bank of India of ₹62.9 crore
Oct 11, 2022, 09:24 IST
A Mumbai-based firm has been booked by the special crime branch unit of CBI in Lucknow, for defrauding Union Bank of India of Rs 62.97 crore.
The firm had approached the bank's Aliganj branch here for developing a residential society in Vrindavan Yojna in Lucknow.
However, the firm misrepresented facts and siphoned the entire amount.
A unit of the Enforcement Directorate is also looking into the aspect of money laundering by the firm.
The CBI lodged an FIR based on the finding of the forensic audit which showed that the firm committed grave irregularities and fraud.
Directors of the company have sold the stock with an intention to defraud the bank, said the CBI spokesman.
The firm siphoned the amount, causing huge losses to the bank. The firm also used different bank accounts for diversion of funds. Probe also revealed that another entity, namely, M/s Deserve Construction was created and the accused firm entered into an agreement with it for the construction of the project known as 'Deserve Elite'.
It also came to light that the management and promoter of both the companies are the same and there was no need of sub-contracting, particularly, when M/s Deserve Construction had no expertise or proven history in the construction activity, said the CBI.
Later, directors of the firm Santosh Kumar Sarda, Manish Sarda, Utkarsh Sarda, Deepak Sarda, and unidentified persons were booked under the charges of criminal conspiracy, cheating and dishonestly inducing the delivery of property.
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The firm had approached the bank's Aliganj branch here for developing a residential society in Vrindavan Yojna in Lucknow.
However, the firm misrepresented facts and siphoned the entire amount.
A unit of the Enforcement Directorate is also looking into the aspect of money laundering by the firm.
The CBI lodged an FIR based on the finding of the forensic audit which showed that the firm committed grave irregularities and fraud.
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The firm siphoned the amount, causing huge losses to the bank. The firm also used different bank accounts for diversion of funds. Probe also revealed that another entity, namely, M/s Deserve Construction was created and the accused firm entered into an agreement with it for the construction of the project known as 'Deserve Elite'.
It also came to light that the management and promoter of both the companies are the same and there was no need of sub-contracting, particularly, when M/s Deserve Construction had no expertise or proven history in the construction activity, said the CBI.
Later, directors of the firm Santosh Kumar Sarda, Manish Sarda, Utkarsh Sarda, Deepak Sarda, and unidentified persons were booked under the charges of criminal conspiracy, cheating and dishonestly inducing the delivery of property.
SEE ALSO:
Mulayam's body arrives at native Saifai village, people throng to pay tributes
Slowdown hasn’t affected deal wins yet but seeing softness in long-term deals: TCS