Indore: The Central Bureau of Investigation (CBI)’s sleuths carried out raids at establishments of over half-a-dozen former UCO bank officers, associated lawyers and two private firms in connection with a fraud and cheating cases in Indore and Hoshangabad districts.
The agency was investigating two cases of fraud that had resulted in losses to the tune of Rs 4 crore to the bank branches in Indore and Khandwa. The CBI officers also raided establishments of the accused in Dehradun, Kolkata and Ahmedabad, an official release said.
In the first case, the CBI launched investigation into a case of fraud and cheating against former zonal head of UC bank (Indore), the then assistant general manager (Palasia branch), empanelled bank lawyer and officers of Radhika Warehouse and Agro Services (Dhar).
CBI officials said that the bank officials had entered into criminal conspiracy with Prop. M/s Radhika Warehouse and Agro Services, Jaitpura in Dhar and other persons and cheated the New Palasia Branch/Sanyogitaganj Branch of the UCO Bank Indore to the tune of Rs 2.5 crore by way of facilitating availability of Cash Credit limit of Rs. 2.crore by virtue of fraudulent and dishonest submission of forged title deeds of diverted land mortgaged in the bank as collateral securities etc.
The CBI also conducted raids as part of its investigation into a fraud case registered against bank zonal manager, senior manager (Khandwa), chief officer, officers of Mukteshwar Enterprises and other persons. Officials said that the senior manager, by abusing his official position and in pursuance to the criminal conspiracy with Proprietor of M/s Mukteshwar Enterprises, processed the loan application of CC limit of Rs. 1.25crore and adhoc limit of Rs 25 lakh.
Proprietor, M/s Mukteshwar Enterprises submitted false/forged Warehouse Receipts valuing Rs. 2.77 crore to the bank in support of hypothecated stock i.e. primary security against these CC Limits.
Further the then senior manager of the UCO Bank of Khandwa branch deliberately accepted the fake title deeds of three guarantors who produced false/forged title deeds as collateral securities in the bank against these CC Limit.