CBI books former CMD of UCO Bank in Rs 621 crore fraud case

Source: The Hitavada      Date: 15 Apr 2018 08:51:27



THE CBI has booked former Chairman-cum-Managing Director of UCO Bank Arun Kaul and others in connection with an alleged Rs 621-crore loan fraud which has caused a loss of over Rs 737 crore to the bank, officials said on Saturday.
The agency carried out searches at 10 locations on Saturday, they said here.

Besides Kaul, the CBI booked Era Engineering Infra India Ltd. (EEIL), its CMD Hem Singh Bharana, two chartered accountants - Pankaj Jain and Vandna Sharda - and Pawan Bansal of Altius Finserve Pvt. Ltd. Among others, they said. It is alleged that the accused persons in pursuance of a criminal conspiracy defrauded the UCO Bank to the tune of about Rs 621 crore by diversion and siphoning of the bank loans, they said.