CBI files FIR against Unity Infraprojects in ₹3,800 crore bank fraud case
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- September 18, 2023
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The Central Board of Investigation registered an FIR against Unity Infraprojects Ltd in suspicion of ₹3,847.58 crore fraud case. It also conducted searches at four locations in Mumbai and booked then CMD Kishore Krishnarao Avarsekar in the case, officials said on Monday.
The CBI took action on a complaint of the SBI, one of the consortium members which alleged that the fraud took place at its Commercial Branch in Mumbai where the accused persons siphoned the “Bank’s funds by doing fictitious transactions, manipulated and fudged books of accounts with an objective to defraud and cheat the bank and to gain unlawfully at the cost of the Bank’s funds”.
The officials said searches were conducted recently at the premises of the accused.
The account of the 44-year-old infrastructure company, which had taken over ₹3,800 crore from 23 lenders against moveable and non-moveable assets besides personal and corporate guarantees, had become a non-performing asset on June 24, 2014. Five years later, it was declared a fraud after forensic audit pointed irregularities.
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Updated: 18 Sep 2023, 06:39 PM IST
