Bank fraud: Agarwal Industries chairman booked

CBI said the company availed loans from Allahabad bank, which merged with Indian Bank, through fabricated audited financial statements and diverted the loan for other than business activities

Hyderabad: The Hyderabad unit of the Central Bureau of Investigation (CBI) booked a case against Agarwal Industries Private Limited and its Chairman and Managing Director Anirudh Pershad Agarwal, Director Murarilal Agarwal and Executive Director Satish Kumar for allegedly defrauding the erstwhile Allahabad Bank to the tune of Rs 200,17,26,681.

In the FIR, the CBI said the company represented by its Managing Director, Director and Executive Director, availed loans from Allahabad bank, which merged with Indian Bank, through fabricated audited financial statements and diverted the loan for other than business activities and for personal gains.

---

They submitted false stock statements to the bank to conceal their irregularities, the FIR said.

---

Now you can get handpicked stories from Telangana Today on Telegram everyday. Click the link to subscribe.

Click to follow Telangana Today Facebook page and Twitter .

---