Bank of India retired official arrested in Rs 2654 crore loan scam


July 7, 2018

The Central Bureau of Investigation (CBI) arrested two retired senior officers of Bank of India in connection with an alleged loan fraud of Rs 2,654 crore by Vadodara-based Diamond Power Infrastructure Ltd, today.

VV Agnihotri and PK Shrivastava, retired general manager and deputy general manager respectively, had allegedly granted undue favours to the power company in granting credit limits, CBI officials said. Both have been arrested today and will be produced before special court in Ahmedabad on July 7.

The agency in an FIR had said that the DPIL, which manufactures electric cables and equipment, is promoted by Suresh Narain Bhatnagar and his sons Amit and Sumit, who are also the directors of the firm. The loan, it said, was declared a non-performing asset in 2016-17.

“It is alleged that the DPIL, through its management, fraudulently availed credit facilities from a consortium of 11 banks (both public and private) since 2008, leaving behind an outstanding debt of Rs 2,654.40 crore as of June 29, 2016,” the agency had said While Agnihotri was posted as AGM, Shrivastava was posted as DGM in the Zonal office of Bank of India in Vadodara in 2007-08.

News Source : News Bharti



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