CBI conducts searches in Jaipur in fraud of over Rs. 48 crores in UBI

New Delhi, March 22

The Central Bureau of Investigation (CBI) has conducted searches at five locations in Jaipur at the premises of Swastic Coppers Pvt Ltd and its directors in connection with alleged fraud of over Rs 48.06 crore in the Union Bank of India. 

The CBI has named in the FIR the company directors/guarantors Sandeep Jain and Indra Jain, ex-director/guarantor Neelam Jain, Guarantor Sharad Kumar Bakliwal and other unidentified public servants and private persons. 

The CBI said, “It has been alleged that the said accused persons in criminal conspiracy cheated the bank to the tune of Rs 48.06 crore (approx). The company allegedly availed cash credit limit by submitting false and inflated documents. It has been further alleged that accused defaulted on inland LCs (letter of credit), BGs (bank guarantee) and diverted the bank funds through transactions with related parties". 

After registering the FIR, the CBI teams landed at five locations including at factory and official and residential premises of accused persons in Jaipur.