Bank fraud case: CBI searches Indian Technometal Company premises

New Delhi, March 19 (IANS) The Central Bureau of Investigation (CBI) on Friday said it has carried out searches at the premises linked to Indian Technometal Company Limited and its directors Rakesh Kumar Sharma and Vinay Kumar Sharma in connection with a bank fraud case to the tune of Rs 555.65 crore.A CBI spokesperson here said that the agency teams carried out searches at the premises of the company and its directors, based in Himchal Pradesh's Kangra.He said that several incriminating documents have been seized during the searches. The official said that the agency had registered a case against te Technometal Company Limited and its directors and other unknown public servants and other persons on a complaint from Union Bank of India, erstwhile known as Corporation Bank.In its complaint, the bank alleged that the company, through its directors, in a conspiracy with others, defrauded a consortium of banks of Corporation Bank (Now Union Bank), the State Bank of Hyderabad (now State Bank of India), Punjab National Bank, Punjab and Sindh Bank, UCO Bank, Syndicate Bank, Central Bank of India, Karur Vyasya Bank and JM Financial ARC on the basis of misrepresentations or concealment of facts and false documents or information, thereby causing losses to the tune of Rs 555.65 crore to the consortium of banks.
--IANS aks/ash