CBI Raids 5 Locations In Delhi, Aligarh In Bank Fraud Case
The Central Bureau of Investigation on Thursday carried out searches at five locations in Delhi and Aligarh after registering an FIR against Hind Agro Industries Ltd. for an alleged bank fraud of Rs 221.72 crore in the Punjab National Bank, officials said.
The company engaged in meat product export was sanctioned credit facilities of Rs 200 crore in 2011 which was enhanced to Rs 357.61 crore during March-September, 2015, they said.
"It was further alleged inter alia that the credit facilities were required to be used for making 100% export, but the company utilised export credit facility in order to fund the domestic sales. It was also alleged that the borrower company transferred the funds to various related companies without any underlying business activities," CBI spokesperson RK Gaur said.
After registration of the FIR, the CBI carried out searches at five locations at the official and residential premises of the directors in Delhi and Aligarh, he said.