look news india
The CBI raided the premises of Swastik Coppers Pvt Ltd and its directors at five locations in Jaipur in connection with the Union Bank of India fraud case of over Rs 48.06 crore, officials said in a statement.
He said the CBI has registered a case against a company engaged in the business of manufacturing and repairing power distribution transformers and its directors and guarantors for allegedly defrauding banks.
Responding to media queries, the agency said the CBI has named company directors/guarantors Sandeep Jain and Indra Jain, former director/guarantor Neelam Jain, guarantor Sharadkumar Bakliwal and other unidentified public servants and private individuals in the FIR.
CBI spokesperson has said in a statement that the accused persons have hatched a criminal conspiracy to defraud the bank of Rs 48.06 crore. The company allegedly availed cash credit limit by submitting false documents.
The accused are also accused of defaulting on the bank's Letter of Credit (LC), Bank Guarantee (BG) and diverting funds received from the bank for other purposes.
