The Central Bureau of Investigation (CBI) arrested a private person in bank fraud cases on Friday. The accused was absconding and a Look Out Circular was issued against him in the year 2018.
"The Competent Court had also issued a Non-Bailable Warrant against him. At the request of CBI, the Immigration authorities detained him on arrival at Jaipur Airport from UAE and handed over to the local police, wherefrom he has been arrested on the basis of Non-Bailable Warrant," stated the release.
CBI has registered three cases related to bank frauds of a total amount of Rs 60 crore (approx). According to CBI, it was alleged that the said accused had fraudulently obtained various credit facilities from Union Bank of India, Mid Corporate Branch of Kaushambi, Ghaziabad during the year 2017 in the name of some companies.
It was further alleged by CBI that after availing of the loan, the accused did not deposit the sale proceeds of the stock in the bank account and diverted the sale proceeds with the intention to defraud the bank. The accused was absconding prior to the registration of the case by the CBI.
The arrested accused is being produced before the Competent Court at Uttar Pradesh's Ghaziabad.
( With inputs from ANI )
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