CBI Raid: Central Bureau of Investigation Four separate cases have been registered against a private company, its directors and MD in connection with a bank fraud of more than Rs. The agency registered a case against PSL Ltd on the basis of complaints filed by Canara Bank, Punjab National Bank, IDBI Bank Ltd and Exim Bank.

First case from Canara Bank. Fraud of crores (approx.) of

From E-Syndicate Bank (Now Canara Bank) .51 First accused of cheating crores of rupees (approx.) The case was registered against PSL Limited and others. The complainant further alleged that the said private company, which was in the business of pipe manufacturing and pipe coating, availed credit facilities from E-Syndicate Bank and thereafter diverted the funds to its subsidiary companies.

SECOND CASE AGAINST THE FIRM, ITS DIRECTORS, MD AND OTHERS Second case to Oriental Bank of Commerce (now merged with Punjab National Bank) against the firm, its directors, MD and others .80 was registered on charges of cheating crores (approx.) of Rs. It was further alleged that the said private company availed credit facilities to execute the work orders received from GAIL and NTPC. It was also alleged that the accused knowingly misappropriated the funds received from the projects without informing the bank.

Third Case to IDBI Bank Limited . of a fraud of Rs.crores Third Case to IDBI Bank Ltd. Vs PSL Ltd. and others . was registered on charges of cheating crores (approx.) of Rs. In the complaint, the firm was accused of using the loan obtained from the bank for various projects other than the approved purposes.

FOURTH CASE 99. fraud of crores Fourth case from Export Import Bank of India (Exim Bank) against private company and others .80 was registered on the charges of cheating of Rs.crore (approx.). It was further alleged that the accused availed credit facilities for executing the work order, but knowingly diverted the money received for other purposes.

Including Mumbai, Noida and Delhi 10 Raids at places

On Thursday, the agency registered three arrests, including one each in Mumbai (8) and Daman, Kutch, Noida and Delhi 01 at places Searches were conducted at the premises of the accused/entities, due to which incriminating documents and articles were recovered. Sahdev Projects Pvt. During searches at the premises of Devki Nandan Sehgal, Whole Time Director in. Ltd., Sahar Plaza Complex, Andheri, Mumbai on Thursday for USD and 1.80 crores recovered in Mumbai,’ the CBI said in a said in the statement.

CBIPublished Date

Fri, Jan 13, 2023, 8: 09 AM IST