The agency carried out searches at 10 locations today, they said here. "The account was categorised as non-performing asset since July 1, 2013 onwards", the UCO Bank said in a regulatory filing on Monday. Besides Kaul, it has booked EEIL, the latter's chairman, Hem Singh Bharana, and two chartered accountants (CAs), Pankaj Jain and Vandna Sharda. Era Engineering and Altius Finserve did not respond to calls outside of regular business hours.
Ltd. among others. There were allegations that the accused persons were involved in a criminal conspiracy defrauded the UCO Bank with an involvement of about Rs 6.21 billion by diversion and siphoning of the bank loans, revealed the news sources.
The loan was secured by producing false end-use certificates issued by the chartered accountant and by fabricating business data. He is alleged to have facilitated the company in getting the loan. And, the money was not utilised for the sanctioned goal, CBI has alleged.
Another state-run lender PNB had in February disclosed that companies owned by two jewellers defrauded it by raising credit from overseas branches of other Indian banks, using illegal guarantees issued by staff at a Mumbai PNB branch over several years.
"No amount was used to repay the dues of Central Bank of India and Punjab National Bank while only Rs 5.9 million were repaid towards dues of IFCI while objective of the loan was to repay the dues of these banks", it said. It is alleged the company diverted the funds and no money was repaid to Central Bank of India or PNB, while only Rs 5.9 million was paid to IFCI. UCO Bank was trading 8 per cent lower at Rs 20.60 against 0.19 per cent decline in the S&P BSE Sensex.
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