The CBI has conducted searches at five locations in Jaipur at the premises of Swastic Coppers Pvt Ltd and its directors in connection with alleged fraud of over ₹48.06 crore in the Union Bank of India, officials said on March 21.
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The agency has booked the company engaged in the business of manufacturing and repair of power distribution transformers and its directors and guarantors for allegedly cheating the bank, they said.
The CBI has named in the FIR the company directors/guarantors Sandeep Jain and Indra Jain, ex-director/guarantor Neelam Jain, Guarantor Sharad Kumar Bakliwal and other unidentified public servants and private persons, the agency said in response to media queries.
"It has been alleged that the said accused persons in criminal conspiracy cheated the bank to the tune of Rs 48.06 crore (approx). The company allegedly availed cash credit limit by submitting false and inflated documents. It has been further alleged that accused defaulted on inland LCs (letter of credit), BGs (bank guarantee) and diverted the bank funds through transactions with related parties," CBI's spokesperson said in a statement.
After registering the FIR, CBI teams landed at five locations including at factory and official and residential premises of accused persons in Jaipur, it said.