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CBI conducts searches in bank fraud case against BSP MLA, others

The Central Bureau of Investigation on Monday searched four locations in Noida and Lucknow in a case registered against BSP MLA Vinay Shankar Tiwari from Uttar Pradesh, his wife Reeta, and others for allegedly cheating a consortium of banks, thereby causing a loss of ₹754.24 crore.

Among those named as accused are Gangotri Enterprises Limited, Royal Empire Marketing Private Limited and Ajeet Pandey.

One of the companies having its corporate office at Mahanagar in Lucknow was engaged in the construction of road, bridges and flyovers. It took credit facilities from a consortium of banks led by the Bank of India from time to time.

The company allegedly did not route all its transactions through the Trust & Retention Account with the lenders, in violation of the rules. Several irregularities in its financial statements were also detected, according to the agency.

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Printable version | Nov 30, 2020 1:55:03 AM | https://www.thehindu.com/news/national/other-states/cbi-conducts-searches-in-bank-fraud-case-against-bsp-mla-others/article32896586.ece

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