The Central Bureau of Investigation (CBI) has registered a case on a complaint received from UCO Bank against Arun Kaul, former Chairman and Managing Director of UCO Bank, Era Engineering Infra India Ltd. (M/s EEIL) and its Chairman and Managing Director Hem Singh Bharana, Pankaj Jain and Vandana Sharda, Chartered Accountants, Pawan Bansal of Altius Finserve and others
CBI Spokesperson Abhishek Dayal confirmed that the accused had defrauded UCO Bank to the tune of Rs. 621 crore approximately.
"It was alleged that Kaul and others, as part of a criminal conspiracy, defrauded UCO Bank to the tune of Rs.621 crore by diversion and siphoning of the bank loans. The loan was not utilised for the sanctioned purpose and was secured by producing false end use certificates issued by the CA and by fabricating business data etc," said Dayal.
He added that the irregularities took place when Kaul was heading UCO Bank between 2010 and 2015.
Searches were being conducted at ten places in New Delhi and Mumbai on Saturday in connection with the case.