Nagpur: A team of Central Bureau of Investigation (CBI) on Thursday conducted searches at the office and residential premises of Directors of Paramshakti Steels Ltd Rajendra Kumar Choudhary, Pankaj A Ranka and Sumeet O Ahuja in Nagpur, Mumbai and Thane after registering a case against them and others for causing loss of Rs 35.89 crore to the Union Bank of India.
Paramshakti Steels Ltd and accused directors, during the period 2014 to 2016 cheated Union Bank of India to the tune of Rs 35.89 crore in the matter of availing irrevocable Letter of Credit (LC) of Rs 40 crore in favour of another company based in Mumbai. The Motor Lorry Receipts of a private company at Mumbai lodged by the accused as part of LC documents were found to be bogus.
Moreover, the inspection carried out by the bank revealed no stock, employees left etc. The CBI conducted searches at 10 locations including Nagpur, Mumbai, Thane at premises of the accused which led to recovery of incriminating documents and articles.
