On Thursday, the Directorate of Enforcement conducted raids at various places at Pune, Ratnagiri, Sangli, and Nagpur in a Letter of Credit (LCs) fraud case which cost a Pune based bank a loss of Rs 293 crore. The Bank of India fraud case with regards to Letter of Credit (LCs) involves M/s Varron Aluminium Pvt Ltd (M/s VAPL) and M/s Varron Auto Comp Pvt Ltd (M/s VACL). The raids were conducted at factory premises and residential premises concerning Varron Group and its directors.

A case was registered with regards to the same by CBI, against VAPL and VACL and others on the basis of a complaint received from Bank of India (BOI), Pune Zonal Office wherein it was reported that VAPL has been maintaining a current account with Karve Road Pune Branch of Bank of India (BOI). Shrikant Pandhurang Sawaikar, who is one of the Directors of VAPL, is the principal responsible person for running the day to day activities in the company.