CBI files case against Indian Technometal Company for alleged fraud of Rs 555.65 cr

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The CBI has filed a case against Indian Technometal Company Ltd and its administrators for alleged fraud of Rs 555.65 crore to a consortium of banks led by erstwhile Corporation Bank, officers stated Friday.

The motion adopted a criticism from

(erstwhile Corporation Bank) alleging that the non-public firm by way of its administrators in conspiracy with others has defrauded the consortium by misrepresentations, concealment of info and submitting false paperwork and knowledge to avail credit score services.

The default on funds precipitated a loss to the tune of Rs 555.65 crore to the consortium which additionally included State Bank of Hyderabad (now State Bank of India),

, Punjab & Sindh Bank, UCO Bank, Syndicate Bank, Central Bank of India, Karur Vysya Bank and JM Financial ARC, they stated.

“Searches at the premises of the accused/firm were conducted at Kangra (Himachal Pradesh), which led to the recovery of incriminating documents,” CBI spokesperson RC Joshi stated.

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