look news india
A very big and sensational news is coming out from the corporate world and banking sector at this time. The Central Bureau of Investigation (CBI) has arrested former Managing Director (MD) of Reliance Communications (RCom) Satish Jhunjhunwala in a major action. Jhunjhunwala is facing a very serious allegation of committing fraud worth thousands of crores of rupees in connivance with many reputed banks of the country. After this swift action of the investigating agency, there has been a stir in the entire business world and speculations are being made that many more big faces may be accused in this case.
What is this whole matter of Rs 2929 crore?
The case in which Satish Jhunjhunwala has been arrested is considered to be one of the biggest banking scams in the country. According to the investigating agency, this entire case is related to a huge bank fraud of about Rs 2929 crore. It is alleged that while holding the top post of RCom, Jhunjhunwala and other accused had taken loan of huge amount from the consortium of banks. Instead of using this loan amount for the purpose for which it was sanctioned, it was allegedly transferred to other fake companies and the funds were misappropriated.
CBI tightens screws after long investigation
According to the information received from CBI sources, the investigation of this mega scam was going on in a very confidential and intensive manner for a long time. On the basis of the FIR registered after the banks’ complaint, the investigating agency had raided several locations of the company and seized important documents. After lengthy interrogation and linking of evidence, when Jhunjhunwala was not cooperating in the investigation and concrete evidence was obtained against him, the CBI decided to arrest him. The investigating agency is now preparing to produce him in the court and take him on remand so that the bottom of the scam can be reached.
Panic in banking sector and corporate world
This high-profile arrest of the former MD of RCom has once again heated up the issue of NPA of banks and defaults by big corporate houses. This loss of Rs 2929 crore had affected the financial position of many public and private banks. Experts say that CBI is now also investigating whether some bank officials were also complicit in approving this loan and its diversion. This action has sent a clear message that the government and the investigating agencies are in no mood to spare anyone in cases of economic crimes.
