NEW DELHI, July 31 -- The Central Bureau of Investigation (CBI) on Friday conducted searches at 10 locations across Andhra Pradesh and Telangana in connection with an alleged bank fraud of Rs 105.44 crore involving NCS Sugars Ltd, its directors and other public servants.
The case was registered by the CBI's Bank Securities and Fraud Branch in Bengaluru on a complaint filed by Punjab National Bank, Chennai. The accused have been booked on charges of criminal conspiracy, cheating, criminal breach of trust, misappropriation of property and forgery.
According to the CBI, the accused allegedly submitted forged documents to the bank to obtain credit facilities. It was found that the funds availed by the company "were not used for business purposes but were allegedly diverted and misappropriated, resulting in a wrongful loss of Rs 105.44 crore to the bank".
As part of the probe, CBI teams carried out searches at the company's factory, registered office and the residences of its directors in Hyderabad, Vizianagaram and Kakinada. During the raids, investigators recovered incriminating documents, electronic devices and other materials considered relevant to the case.
The agency said it is examining the seized evidence to trace the flow of the allegedly misappropriated funds, establish the extent of the alleged criminal conspiracy and determine the role of each accused. The investigation is continuing, and further action will be taken based on the evidence collected, the CBI added. MPOST
Published by HT Digital Content Services with permission from Millennium Post.