CBI files FIR against Unity Infraprojects in bank fraud case

20 Sep 2023 CW Team

The Central Board of Investigation (CBI) has taken decisive action by registering a First Information Report (FIR) against Unity Infraprojects Ltd, suspecting their involvement in a staggering ₹3,847.58 crore fraud case. In a coordinated effort, CBI officials conducted searches at four locations within Mumbai and formally charged the former Chairman and Managing Director (CMD), Kishore Krishnarao Avarsekar, in connection with the case. This development was confirmed by officials on Monday.

The CBI's intervention was prompted by a complaint filed by the State Bank of India (SBI), one of the key members of the consortium. The SBI has alleged that the fraudulent activities occurred at its commercial branch in Mumbai. The bank has accused company officials of engaging in deceitful practices, including siphoning off the bank's funds through fictitious transactions and manipulating financial records. Their purported objective was to defraud and cheat the bank, ultimately benefiting unlawfully at the expense of the bank's funds.

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Infrastructure Transport

06 Jul 2026

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Infrastructure Transport

06 Jul 2026

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..