Bank fraud case: CBI registers FIR against Pune-based builder

CBI logo. File Pic

The CBI has registered an FIR against Pune-based builder K J Infrastructure Projects India Pvt Ltd and its directors in an alleged over Rs 91-crore bank fraud case, officials said on Thursday.

The action was initiated on a complaint from the Union Bank of India against the company.

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The Central Bureau of Investigation (CBI) has named directors Kalyan J Jadhav, Kalyan Eknath Kakade, Santosh Sambhaji Dhumal and Amol Maruti Paigude, another company Wing Infrastructure Engineering Pvt Ltd, and Vinod Kalyan Jadhav in the case.

The bank has alleged that the company and its promoters availed credit facilities on the basis of manipulated stocks-book, debts statements and financial statements with inflated figures or overstating sales, income and profit, in order to draw higher volume of amounts from the bank, the agency said in a statement.

The CBI alleged that the accused diverted the proceeds into accounts of related and associated companies without its end utilisation, resulting in an alleged loss to the tune of Rs.91.92 crore to the bank.

"Searches were conducted at various places in and around Pune District which led to the recovery of incriminating voluminous documents, hard disks, electronic gadgets etc. from the premises of accused," the CBI spokesperson said.

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