The Central Bureau of Investigation registered about 190 cases of bank fraud in year 2020, involving alleged misappropriation of close to ₹60,000 crore. In about a dozen cases, the companies and their top functionaries were accused of cheating the banks of more than ₹1,000 crore.
An analysis of the FIRs revealed that in over 70 cases, the prima facie embezzled amount exceeded ₹100 crore.
While over 50 of the total bank fraud cases were registered by the CBI units in Delhi, nearly 30 were instituted in Mumbai, apart from some others in Pune and Nagpur. While the Chennai unit made out 17 cases, in Gujarat’s Gandhinagar, at least 16 cases were registered.
Many cases were taken up by the units in Bengaluru, Chandigarh, Bhopal, Jabalpur, Lucknow, Visakhapatnam, Kochi, Madurai, Jammu, Srinagar, Dehradun, Shimla, Bhubaneswar, Guwahati and Ghaziabad. Following investigations, the amounts involved in the bank fraud cases may increase.
The largest amount
The largest amount of ₹7,926 crore was siphoned off allegedly by Hyderabad-based Transstroy (India) Limited , its chairman-cum-managing director Cherukuri Sridhar, former TDP MP and the company’s additional director, Rayapati Sambasiva Rao, and others. The agency registered a case against them earlier this month and conducted searches on their premises.
Another case against Hyderabad-based VRCL Limited and its top functionaries was registered this month , accusing them of having cheated a consortium of banks, causing a loss of ₹4,837 crore.
In January, the agency had booked Frost International Limited and 14 others for allegedly cheating a Bank of India-led consortium of ₹3,592.48 crore apart from the unpaid interest. The company dealt in agro commodities, minerals, metals, bullion, polymer, chemical and petro products, plastics, textiles and other products.
It had suppliers and buyers in several countries, including Bangladesh, Hong Kong, Cambodia, Taiwan, China, United Arab Emirates, United States, West Indies, Saudi Arabia and Switzerland.
Surana Corporation case
Another entity that made it to the list was Surana Corporation Limited , which along with others was booked in October for allegedly cheating six banks of ₹2.930 crore. A case was registered against Surana Power Limited in September for allegedly cheating 10 banks of ₹1,495.76 crore. The outstanding amount in that case was ₹3,157.82 crore.
Although K.S. Oils Limited and others were booked for allegedly cheating the State Bank of India of ₹938 crore, the FIR mentioned that the total outstanding towards 14 banks was ₹3,269.92 crore as on July 30, 2017.
Hanung Toys & Textiles Limited and its directors were booked by the CBI in October for allegedly cheating a consortium of 12 banks of ₹2,040.63 crore. As on date, the banks have to recover about ₹4,900 crore from the accused persons.
In February, the agency had registered a case against Educomp Solutions Limited and others for allegedly cheating a State Bank of India-led consortium of 13 banks, causing a loss of ₹1,955 crore. It was flagship company of the Educomp group, whose other major entities were Edu Smart Services, Educomp Infrastructure and School Management, Educomp School Management Limited and Educomp Infrastructure Services Private Limited.
Delhi-based Jay Polychem India Limited was booked for cheating a consortium of 13 lenders, involving ₹1,800.72 crore. It was into wholesale import and trade of industrial chemicals, petrochemical products and agro commodities, but had also taken up other activities like oil exploration.
Among the other companies above the ₹1,000-crore mark were Best Food Limited, Base Corporation Limited, Amira Pure Foods Private Limited, Kwality Limited and SEL Textiles Limited. The CBI booked Get Power Limited and others in September in a bank fraud case involving ₹966 crore.
In another case against Cox & King Group entity, Ezeego One Travel & Tours Limited and seven others were accused of fraud involving ₹946.44 crore taken from Yes Bank in loans.
Yes Bank case
Two other cases of alleged bribery pertaining to Yes Bank were registered this year: against Dewan Housing Finance Corporation Limited, former Yes Bank chief Rana Kapoor and others in connection with loans to the tune of ₹3,700 crore; and against Mr. Kapoor and others pertaining to the loans extended to Avantha Group entities, which had an outstanding of ₹1,900 crore.
