INDIA: The Central Bureau of Investigation (CBI) registered a case against a Pune-based private firm and its four directors in a Rs 91.92 crore bank fraud case based on the complaint of the Union Bank of India, Pune (Maharashtra), on Thursday.
The case was registered against K.J. Infrastructure Projects India Private Limited and its directors, Kalyan Jagannath Jadhav, Kalyan Eknath Kakade, Santosh Sambhaji Dhumal, Amol Maruti Paigude, and others, in a loan fraud case amounting to Rs 91.93 crore, the CBI officials said.
The company and its directors availed themselves of credit facilities from the bank on the basis of manipulated stock-book debt statements. The stock statements are prepared to work out the amount that can be borrowed from the bank by the company.
The company diverted the proceeds thus received into the accounts of its associated companies. Due to this, the bank suffered a loss of Rs. 91.92 crore.
During the searches conducted at various places in and around Pune, the CBI recovered incriminating documents, hard discs, electronic gadgets, etc. from the premises of the accused.
The CBI is in the process of further investigating. This was the third consecutive case filed by the CBI within a fortnight related to the Union Bank of India across the country.
The K. J. Group companies, located at Mukund Nagar Industrial Estate, were established in 1985 by Kalyan Jagannath Jadhav. It ushered in the nineties with a number of works, viz., land development, earthwork, irrigation projects, road development projects, etc.
The group claims to be serving the Indian Railways, Maharashtra State Electricity Transmission Company Limited, Airport Authority of India, and Volkswagen, among other companies.
It also runs K J Educational Institutes, Purandar Kalyan Foundation, K J Realities, Seena Sugar Manufacturing Company Limited, and K J Automotive (Main Trucks).
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