Mumbai, June 16 The Central Bureau Of Investigation (CBI) on Wednesday arrested three directors of Ruchi Global Ltd for allegedly defrauding various banks to the tune of Rs 188.35 crore, an official said here.
Following a complaint filed by the Bank Of Baroda on behalf of a consortium of lenders including the Punjab National Bank and the Jammu & Kashmir Bank, the CBI got cracking and registered a FIR against the company.
The complaint against the company and its Directors - Umesh Shahra, Saket Barodia and Ashutosh Mishra, besides others including unnamed public servants - pertains to the alleged fraud that took place between January 2016-December 2017.
It included fraudulent diversion of funds, indulging in speculative transactions, non-routing of sales proceeds in the consortium banks' accounts, transactions with related parties or sister concerns, etc, which caused the lending banks a Rs 188.35 crore loss.
The CBI raided six locations belonging to the accused in Mumbai, Indore and Bengaluru and recovered several incriminating documents and other evidence while further probe is underway.
Registered in Mumbai, Ruchi Global Ltd was incorporated in 1996, and has varied business interests including oilseeds, FMCG, realty, steel, infotech, etc.
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