India, Oct. 31 -- The Mumbai unit of the Central Bureau of Investigation (CBI) has booked a private firm and its two directors for allegedly cheating Canara Bank of Rs.56.63 crore by diverting loan funds and submitting fabricated documents.

According to officials, the accused firm, R Private Limited, engaged in the manufacturing of aluminium products, allegedly misappropriated funds sanctioned by the public sector bank, using them for non-sanctioned purposes between 2019 and 2020. The CBI registered the case on October 3 based on a complaint filed by the bank's deputy general manager on July 28.

The company's loan account was declared a Non-Performing Asset (NPA) on March 31, 2021, and the bank subsequently reported the fraud to the Res...