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.

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