CBI books Mumbai based Pratibha Industries In Rs 4,957 Crore Bank Fraud
CBI books Mumbai based Pratibha Industries In Rs 4,957 Crore Bank Fraud
The accused is suspected of diverting a sizable sum of money from the borrower firm to its affiliates and subsidiaries, and subsequently, these advances were written off by the company, according to the officials.
With cheating and fraud rising manifold in Mumbai’s Financial Capital and despite the agencies booking the accused and punishing them, yet the crime game continues with no fear to the long arm of law.
Central Bureau of Investigation (CBI) on Thursday, January 12, filed an FIR against Mumbai-based Pratibha Industries Ltd and its four directors/guarantors for defrauding a Bank of Baroda-led consortium of 17 banks to the tune of Rs 4,957 crore, according to officials.
According to a CBI spokesperson, the company was involved in the development of various infrastructure projects, which included complex, integrated water transmission and distribution projects, water treatment facilities, mass housing projects, precast design and construction, road construction, and urban infrastructure, among others.
The accused is suspected of diverting a sizable sum of money from the borrower firm to its affiliates and subsidiaries, and subsequently, these advances were written off by the company, according to the officials.
News Input K.V.Raman
