The CBI on Friday conducted searches at five locations in Delhi after registering an FIR against Delhi-based packaging company Rave Scans Pvt Ltd for allegedly defrauding a consortium of banks to the tune of Rs 69.33 crore, officials said Friday.
The CBI acted on a complaint from Indian Overseas Bank alleging serious manipulation in the finances of the company. This included diversion of funds, fabrication of account books and forgery in account books to defraud the banks during 2011-16, the officials said.
Following the FIR, the CBI conducted the searches on Friday at the premises of the accused former directors of the company across Delhi, they said.
The bank alleged that the company and its directors — Rakesh Bhatnagar, Bhavnesh Kumar Kanwar, Premnath Arora and Anuradha Bhatnagar — resorted to various fraudulent activities causing wrongful loss of Rs 69.33 crore to banks and corresponding wrongful gain to themselves.
The agency has booked the accused under the charges of criminal conspiracy, cheating and provisions of Prevention of Corruption Act, officials said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.