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UCO bank loan fraud: CBI to question ex-CMD
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SME Times News Bureau | 16 Apr, 2018
The CBI will soon question former Chairman and Managing Director (CMD)
of UCO Bank Arun Kaul in connection with its ongoing probe into an
alleged Rs 737 crore bank loan fraud case, officials said on Sunday.
A
Central Bureau of Investigation (CBI) official, privy to the
investigation, told IANS: "We will summon Kaul for questioning in a day
or two."
Earlier, the agency filed a case against Kaul, Era
Engineering Infra India Ltd (EEIL), its CMD Hem Singh Bharana, two
chartered accountants -- Pankaj Jain and Vandna Sharda -- and Pawan
Bansal of Altius Finserve Pvt Ltd among others in connection with the
alleged Rs 621 crore loan fraud which has caused a loss of over Rs 737
crore to the bank.
The case was filed on the bank's complaint, which is now part of the FIR.
After
filing the case, the CBI on Saturday carried out searches at over 10
places in Delhi and Mumbai including at Kaul's residence, the premises
of the CAs and the two firms.
The CBI official said the agency
sleuths are going through the documents they recovered. "Once we
complete our study of the recovered documents, we will call Kaul," he
said.
The accused persons hatched a criminal conspiracy and
allegedly defrauded UCO Bank of about Rs 621 crore by diversion and
siphoning of two bank loans.
Kaul was the CMD of UCO Bank between
2010 and 2015. According to CBI officials, he allegedly facilitated the
accused company in obtaining the loan.
The CBI said the loan was
secured by producing false end-use certificates issued by the chartered
accountants and by fabricating business data and it was not utilised
for the sanctioned purpose.
In its complaint, the bank alleged
that the two loans were issued to the company in 2010 -- Rs 200 crore in
March and Rs 450 crore in October.
The Rs 200 crore loan was issued for repayment of high cost debt to the Central Bank of India, Punjab National Bank and IFCI.
The
bank alleged that the company diverted the funds and no money was
repaid to the Central Bank of India and Punjab National Bank, while only
Rs 59 lakh was repaid towards the dues of IFCI.
Chartered
Accountant Jain dishonestly and fraudulently did not mention the details
of the utilisation of the term loan in the end-use certificate.
In
the case of the Rs 450 crore loan too, the funds were utilised for
purposes other than stipulated in the sanction and the end-use
certificates given by the chartered accountants were intentionally
ambiguous and against the facts, it alleged.
The account was
declared a non-performing asset on July 7, 2013 by the bank and the
present balance as on December 31, 2017 is Rs 737.88 crore.
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