CBI arrests RP Infosystems directors in Rs 515 bank loan fraud case
The Central Bureau of Investigation (CBI) on Thursday arrested Shivaji Panja and Kaustav Ray in an ongoing investigation of a bank fraud case in Kolkata.
Canara Bank had said that it acted on behalf of lenders excluding IDBI Bank, which had separately moved CBI in 2015 for allegedly defrauding it Rs 180 crore.
The other members of consortium were the State Bank of India, the State Bank of Bikaner and Jaipur, the State Bank of Patiala, the Union Bank of India, the Allahabad Bank, the Oriental Bank of Commerce, the Central Bank of India, the Punjab National Bank and the Federal Bank. Two directors of RP Infosystems Shibaji Panja and Kaustuv Ray were arrested here today, CBI said. The duo, CBI claimed, had allegedly siphoned off Rs 515.15 crore from a consortium of nationalised banks with forged documents and fabricated stocks. The banks also alleged that company manipulated financial statements and did not route sale proceeds through the loan account.
According to the FIR filed with the CBI, it is also alleged that Letters of Credit opened by different member banks of the consortium on the application of RP Infosystem started devolving from 2012 onwards due to non-maintenance of funds.
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These loans have become non-performing asset (NPA), it said.
"During 2013, IDBI Bank relinquished their position as consortium leader after the deliberations with the RBI".
The case relates to fraud committed by RP Info Systems Ltd based on a complaint by Canara Bank.
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