CBI conducts searches at 5 locations of a Delhi-based firm in bank fraud case

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The Central Bureau of Investigation (CBI) on Friday conducted searches at five locations in Delhi after registering an FIR against a Delhi-based packaging company Rave Scans Pvt Ltd for allegedly defrauding a consortium of banks to the tune of Rs 69.33 crore, according to PTI.

The CBI acted on a complaint from Indian Overseas Bank alleging serious manipulation in the finances of the company. This included diversion of funds, fabrication of account books and forgery in account books to defraud the banks during 2011-16, according to officials quoted in a PTI report.

CBI searches are underway at five locations in Delhi at the premises of a Delhi-based packaging company for allegedly defrauding a consortium of banks to the tune of Rs 69.33 crores: CBI sources

— ANI (@ANI) June 24, 2022

Following the FIR, the CBI conducted the searches on Friday at the premises of the accused former directors of the company across Delhi.

The bank alleged that the company and its directors -Rakesh Bhatnagar, Bhavnesh Kumar Kanwar, Premnath Arora and Anuradha Bhatnagar resorted to various fraudulent activities causing wrongful loss of Rs 69.33 crore to banks and corresponding wrongful gain to themselves.

The agency has booked the accused under the charges of criminal conspiracy, cheating and provisions of Prevention of Corruption Act, according to PTI.