Steel company under scanner for �200 crore bank fraud  01/13/2021 15:51:45 

Central Bureau of Investigation has registered a fraud case against a Bengaluru-based steel manufacturing company for allegedly cheating nationalised banks and availing loans worth 200 crore through fraudulent means. A team on Wednesday searched the residential and official premises of the accused in Bengaluru and at Shoolagiri in Krishnagiri district, Tamil Nadu.

According to the CBI, the raids have led to the recovery of several incriminating documents and other material evidence. The company, Steel Hypermart Private India Ltd., allegedly availed of the loans between 2017 and 2019. The company availed of credit facilities under consortium lending, consisting of Indian Bank and e-Vijaya Bank (now Bank of Baroda) with Indian Bank as leader of the consortium, and defrauded them, thereby causing a loss of 200.38 crore, stated the CBI in a press release.

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