New Delhi: The Central Bureau of Investigation (CBI) has filed a charge sheet in the Court of Chief Metropolitian Magistrate (South East) at Saket in New Delhi against a former Managing Director of a Gurgaon based private company for allegedly cheating the R.K.Puram Branch of Indian Overseas Bank in New Delhi to the tune of approximately Rs.102.45 crores.
A case was registered against the main accused and others on 8 January 2014 on a complaint received from Indian Overseas Bank. It was alleged that the Directors of the said company in criminal conspiracy with other unknown persons, bank Officials had defrauded the Indian Overseas Bank by way of availing export finance from the Indian Overseas Bank branch at R.K. Puram in New Delhi on the basis of fake and fabricated documents and caused a loss of Rs. 102.45 Crores to the Bank.
CBI Investigation revealed that the then Director of Gurgaon (Haryana) based private company had submitted 3 export bills under Letter of Credit (LC) to the Indian Overseas Bank requesting that the export of Iron Ore against the said 3 Export Bills had already been made by the company. Alongwith the bills, the company submitted fake Bills of Landing, Certificates of Quality and Certificates of Weight in respect of Iron Ore purportedly exported by the said company. Since, the documents submitted by the accused company were found in order as per the Term and Conditions of the Letters of Credit, the Bank negotiated all the alleged 3 Export Bills of the company to the tune of Rs. 102.45 Crores, the amounts of which were not realised by the Foreign LC opening Banks. The company, therefore, cheated the Indian Overseas Bank by way of availing export finance under Letter of Credit (LC) from the Indian Overseas Bank on the basis of fake and fabricated documents.
The public is reminded that the above findings are based on the investigation done by CBI and evidence collected by it. Under the Indian Law, the accused are presumed to be innocent till their guilt is finally established after a fair trial.