Mumbai, Oct 29 (SocialNews.XYZ) The Central Bureau of Investigation (CBI) on Thursday carried out searches at multiple locations in Pune in connection with an alleged bank fraud case involving M/s Aaj Ka Anand Papers Pvt Ltd, an official statement said.
The agency recently registered a case against the company, its directors and unknown public servants based on a complaint filed by the State Bank of India (SBI), Mumbai.
The complaint alleges criminal conspiracy, cheating, criminal breach of trust, and manipulation of accounts, resulting in a wrongful loss of Rs 81.66 crore to the bank.
According to the CBI, the accused allegedly suppressed and misappropriated business revenues, altered and falsified books of accounts and electronic records, and diverted funds in violation of lending conditions.
Investigators suspect that substantial amounts were routed through current accounts maintained outside the designated banking channels without obtaining the consent of consortium lenders.
The agency said the alleged diversion of funds and unauthorised transactions amounted to cheating, criminal breach of trust, misappropriation and criminal conspiracy, causing significant financial loss to SBI.
As part of the ongoing probe, CBI teams searched several premises linked to the company and its directors. The searches covered both office establishments and residential properties associated with the accused persons.
During the operation, investigators recovered documents and digital evidence that are believed to be relevant to the case. The seized material is being examined to ascertain the full extent of the alleged fraud, including the suspected diversion and misappropriation of funds, as well as the involvement of other individuals who may have played a role in the conspiracy.
The CBI said the evidence collected during the searches would help investigators trace the flow of funds and determine whether there were any violations of banking norms and sanction conditions imposed by the lending institutions.
Further investigation in the case is underway, the agency added.
Source: IANS
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