CBI registers case against Mumbai-based company, owner for defrauding Bank of Baroda to the tune of Rs 49.14 crore IG News

MUMBAI: The Central Bureau of Investigation (CBI) has registered an offense against a Jacob Circle-based proprietary firm for allegedly defrauding Bank of Baroda to the tune of Rs 49.14 crore. The CBI claimed that the firm had requested the bank for foreign outward remittances for the import of lamps and nickel alloys. However, during investigation by the bank, the import documents were found to be forged and forged.

According to the CBI, a written complaint was received from the bank’s deputy general manager and regional head Amit Tulli against the company (which opened the current account in 2015) and its owner and unknown public servants.

The agency alleged that the firm made 34 remittances for $76,99,625 in favor of four Hong Kong-based companies and the proprietor submitted bills of entry as proof of import. However, after verification and scrutiny, the bills were found to be forged.

Case registered under sections 409 (criminal breach of trust by public servant, or banker, merchant or agent), 420 (cheating and dishonestly inducing delivery of property), 467 (forgery of valuable security, will, etc.), 468 has been done. (forgery for the purpose of cheating) and 471 (using as genuine a forged document or electronic record) of the Indian Penal Code.

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