Financial Daily from THE HINDU group of publications
Sunday, Nov 10, 2002
Financial Daily from THE HINDU group of publications Sunday, Nov 10, 2002 |
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Money & Banking
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Economic Offences CBI case against BoI officials Our Bureau
MUMBAI: The Central Bureau of Investigation (CBI) has registered a case against senior officials of Bank of India, Mumbai and the promoters of Yuvraj Industries for defrauding BoI. The amount involved is around Rs 7 crore and the event took place during 1997-98, said a press note from the CBI. It is alleged that the bank officials in connivance with the promoters of Yuvraj Industries, applied for a loan of Rs 10 crore for part financing the construction of their `Bhadralok Project' at Baroda. A sum of Rs 7 crore was disbursed under external commercial borrowing scheme. The obtained loan was diverted to different sister accounts of the builder, wherein various terms and conditions were violated. The bank officials have been accused of submitting false progress reports on the construction work in the Bhadralok Project. The loan account, which was to be paid within 3 years period under ECB, was not repaid till date.
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