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Massive bank fraud, CBI takes cognizance

In a huge case, the Central Bureau of Investigation (CBI) has booked a Delhi-based private firm Indian Technomach for purportedly duping 16 banks of assets to the tune of Rs. 1528 crore.

The Central Bureau of Investigation has registered a case against a private company M/s Indian Technomach Co. Ltd based in Delhi & having its industrial unit in Himachal Pradesh and others including Rakesh Kr. Sharma, Promoter & CMD; Vinay Kr. Sharma, Director/Guarantor & two Corporate Guarantors, M/s Gurupath Merchandise Ltd.,(Corporate Guarantor), Kolkata & M/s Thunder Traders Ltd. (Corporate Guarantor), Kolkata; Unknown public servant(s)/unknown others on the allegations that the accused conspired with each other to defraud the banks and caused loss of Rs.1528.05 crore (approx) to the consortium of 16 banks led by Bank of India,” the CBI said in a statement.

There is a consortium of 16 banks included Bank of India, Union Bank of India, Andhra Bank, Punjab & Sind Bank, Indian Overseas Bank, State Bank of Hyderabad, Central Bank of India, Corporation Bank, HDFC Bank Limited, Oriental Bank of Commerce, Saraswat Co-operative Bank, State Bank of Patiala, UCO Bank, Allahabad Bank, Standard Chartered Bank and DBS Bank, who reported the case of fraud of Rs. 1528 crore approx.

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