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Friday, August 21, 2015

Bank of Maharashtra, Siddhi Vinayak Logistics under CBI lens

The Central Bureau of Investigation has started search operation against Bank of Maharashtra and a private firm Siddhi Vinayak Logistics in an alleged fraud matter involving an amount of around Rs. 800 crore.

Late on Thursday evening, a senior CBI official informed that the agency is conducting searches on two entities. "Searches are being conducted at 7 offices and 3 residences. 4 of the places are in Surat, 3 in Pune, 2 in Mumbai and one place is in Silvassa. The amount involved is Rs. 800 crore. This amount was defrauded in the 'Chalak se Malak' scheme where the company got sanctioned loans for its drivers without their knowledge and siphoned the money" he said.

Further, searches are against the company Siddhi Vinayak Logistics Ltd, its directors, its associate companies and other companies who aided in the diversion of funds, and unknown public servants. The agency has initiated proceedings under section 420, 468 and 471 of IPC and 13(2) r/w 13(1)(d) of Prevention of Corruption Act, the official mentioned.

This is the second incidence after Syndicate Bank in which public sector bank is allegedly involved.

Source : Thehindubusinessline


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