The Central Bureau of Investigation (CBI) has registered a case against the former Branch Manager of Dena Bank and others for allegedly cheating the bank of Rs. 220 crore.
“As alleged by the bank, Vimal Barot of Showman Group (Mumbai) committed the offence in connivance with Pritam Vidyadhar Nagarkar, the then Branch Manager of Dena Bank in Malabar Hill. The bank officer is presently holding the post of Chief Manager,” said a CBI official.
According to the CBI, Mr. Barot allegedly approached seven corporate firms posing as a representative of the bank. Claiming that they would get returns at a high interest rate, he allegedly convinced them to put huge sums of money with the bank as fixed deposits.
“He represented himself as a financial advisor of the corporates and ‘facilitated’ the bank in mobilising term deposits to the tune of Rs. 256.49 crore from them. Against the deposits, the accused got sanctioned a total loan of Rs. 220 crore from the bank in conspiracy with the former Bank Manager and got the amount diverted to himself,” said the official.
The agency is probing the authenticity of the loan applications purportedly issued by the corporate firms concerned.
“Investigations are also under way to ascertain whether any insider in these organisations was also involved. Searches have been conducted at three places in Mumbai,” the official added.
