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CBI Payments Two Bank Employees for $ 150 Mumbai Fraud | Mumbai News




Mumbai: The Central Bureau of Investigation (CBI) filed the former DGM and GM of Union Bank of India along with three firms and their office holders for entering into a criminal conspiracy to obtain bank loans and fraud of 150 Crore Rs.
The CBI registered three cases against the firms in Union Bank of India complaints in 2019, and during the investigation found the involvement of both. The CBI claimed that then DGM (regional leader) Ashok Dhabai and GM (regional leader) Sanjay Sharma helped companies obtain loans based on forged documents.
The CBI said company directors, with the help of financial consultants and paper companies, created fake documents.
Officials said the bank gave credit letters to companies without mortgages. Both had provided credit facilities without processing, appraisal, appraisal and internal appraisals.
The first case was registered in June 2019 against Supama Trading Pvt Ltd along with its promoters Vijay Jain, Dilip Shah and Bajrang Kankani. They defrauded $ 57 million of credit facilities.
In the second case, Dhabai and Sharma helped Asuti Trading Pvt Ltds promoters Siddharth Madanlal and Raj Goel defraud the $ 50 bank.
In the third, Excel Metal Processor Pvt Ltds promoters Mohammad Iqbal Khan and Imran Khan defrauded Rs 43 million.
The CBI stated that the companies created fake suppliers and submitted fabricated tax invoices, bills of exchange and forged truck invoices to the bank to receive LC discounts (a short-term credit facility).
The CBI stated that the promoters of the companies made the directors of the employees in the paper companies created to generate tax invoices fabricated to deceive the bank.
Dabhai was also among the bank officials mentioned in a first information report submitted by the CBI in 2017 about allegedly allowing cash deposits of about $ 85 billion after the announcement of demonization contrary to the norms.

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