The Central Bureau of Investigation has booked former UCO Bank Chairman and Managing Director Arun Kaul and others for allegedly cheating the bank to the tune of Rs 621 crore, officials said today.
The agency is carrying out searches at 10 locations-- eight of them in Delhi and two in Mumbai -- in this connection.
It was alleged that the accused persons in pursuance of criminal conspiracy defrauded the UCO Bank to the tune of Rs. 621 crore by diversion and siphoning of the bank loans, the CBI officials said.
It was alleged that the accused persons in pursuance of criminal conspiracy defrauded UCO Bank to the tune of Rs. 621 Crore (approx)by diversion and siphoning of the bank loans. It is further alleged that the loan was not utilized for the sanctioned purpose and was secured by producing false end use certificates issued by the Chartered Accountant and by fabricating business data etc.CBI Statement
Besides Kaul, others booked by the CBI are Era Engineering Infra India Ltd., its Chairman and Managing Director Hem Singh Bharana; two chartered accountants -- Pankaj Jain and Vandna Sharda --, Pawan Bansal of M/s Altius Finserve Pvt. Ltd., and other unidentified persons, they said.
BloombergQuint has modified this PTI report to add a comment from the CBI.