Rs 2,240 crore fraud: CBI arrests four for allegedly cheating banks

Four directors of Surya Vinayak Industries Limited were on Wednesday sent to 10 days CBI custody by a Delhi court for allegedly cheating consortium of banks to the tune of Rs 2240 crore.

Sanjay Jain, Rajiv Jain, Rohit Chaudhary and Sanjeev Agarwal, who were arrested on the complaint of Punjab National Bank (PNB), were sent to custody till April 22 by Chief Metropolitan Magistrate Sumit Dass.

CBI had arrested the four accused on Wednesday for allegedly using more than 100 shell companies for routing and diversion of bank funds.
The firm and the shell companies had no genuine business transactions, the CBI sources had said.

The PNB has alleged that the company had diverted bank funds to the tune of Rs 2240 crore, which resulted in loss to the consortium.

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Over Rs 300 crore of working capital was also allegedly moved to six companies set abroad, it said. 

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(With inputs from PTI)