Sunday, 23 September, 2018


India's federal police files case against former UCO Bank Chairman

It is alleged that the accused persons in pursuance of a criminal conspiracy defrauded the UCO Bank to the tune of about Rs621 crore by diversion and siphoning of the bank loans India's federal police files case against former UCO Bank Chairman
Melba Vasquez | 16 April, 2018, 23:40

"The account was declared NPA as on July 7, 2013 by the bank and the present balance as on December 31, 2017 is Rs 7.38 billion", it alleged.

Shares of UCO Bank plunged almost 18% in morning trade on Monday after the Central Bureau of Investigation (CBI) has booked former chairman and managing director (CMD) of the bank, Arun Kaul, and others in connection with an alleged Rs621-crore loan fraud.

The agency carried out searches at 10 locations today, they said here. Era Engineering and Altius Finserve did not respond to calls outside of regular business hours.

As per information available on the CBI website, it has been alleged that the accused persons defrauded the bank to the tune of ₹621 crore by "diversion and siphoning off the bank loans, without utilising it for the sanctioned goal and produced false end-use of certificates issued by the chartered accountant, by fabricating business data".

CBI, according to Reuters, said in a statement that Arun Kaul, the bank's chairman between 2010-2015, had helped clear the loan. The loan was not utilized for the sanctioned goal, the CBI alleged. And, the money was not utilised for the sanctioned objective, CBI has alleged.

The Rs 2 billion loan was issued for repayment of high cost debt to Central Bank of India, Punjab National Bank and IFCI. It is alleged the company diverted the funds and no money was repaid to Central Bank of India or PNB, while only Rs 5.9 million was paid to IFCI.

India's federal police said on Saturday it has filed a case against a former chairman of state-run UCO Bank and several business executives alleging criminal conspiracy that caused a loss of 6.21 billion rupees (R1,1-billion).

The stock had partially recovered by afternoon, however, trading 8.09% or Rs 1.80 lower at Rs 20.45 at 2.28 pm on the National Stock Exchange (NSE).

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