Central Bureau of Investigation (CBI) has registered a case of cheating against a Mumbai-based private company for allegedly duping Bank of Baroda (BoB) to the tune of Rs 274 crore. "However, the funds received by the company from GAIL were deliberately not routed through ESCROW account maintained in BoB, but syphoned off through an account of the company in a private bank in Mumbai, the BoB has alleged in their complaint," the officer said. "The company had admitted that they had received money from GAIL in their private bank accounts which had been spent for the purposes other than it was sanctioned, thereby the BoB has suffered a huge loss to the tune of Rs 274 crore. The account of M/s PSL Ltd was declared fraud in January 2016 by BoB," the CBI official said. The agency claimed that some chartered accountants and officials from the private bank and BoB too were involved in the said conspiracy.

Source: dna February 06, 2019 01:07 UTC