Central Bureau of Investigation (CBI). File | Photo Credit: PTI
The case was registered on the premise of a criticism from Indian Overseas Bank, Chennai, alleging {that a} Kancheepuram-based firm, together with its related entities and unknown public servants, dedicated offences of legal conspiracy, dishonest, legal breach of belief, misappropriation of property and forgery, inflicting a wrongful lack of ₹120.84 crore to the Indian Overseas Bank.
The allegations within the FIR embrace fraudulent availing of assorted credit score services from Indian Overseas Bank, misappropriation of property, diversion of financial institution funds to sister issues and unrelated entities, siphoning of funds to associated events, interest-free advances to non-public companies, and money deposits of suspicious origin throughout the interval of demonetization. The firm and its related entities are additionally suspected of transferring funds to shell or benami issues to hide the top use of the borrowed quantities.
Searches have been carried out at six places and the premises lined included residential properties linked to the accused firm’s administrators and officers, in addition to enterprise institutions which have suspicious transactions with the accused firm, together with two non-public firms which led to restoration of incriminating paperwork and digital proof, together with information regarding diversion of funds, and different supplies related to the investigation, mentioned the CBI.
Further investigation is in progress.
Published – August 13, 2025 08:24 am IST
