RP Infosystems' Dir. questioned by CBI over alleged bank fraud

ANI | Updated: Mar 05, 2018 19:09 IST

New Delhi [India], Mar. 5 (ANI): One of the directors of RP Infosystems was questioned by the Central Bureau of Investigation (CBI) on Monday.

The director, Shivaji Panja, was questioned by the investigative agency over the case of an alleged bank fraud worth Rs 515.15 crore registered against the company.

Earlier in February, the CBI had filed an FIR against the Kolkata-based firm for a bank fraud to the tune of Rs. 512.12 crores, after D.V. Prasad Rao, Deputy General Manager of Canara Bank's Camac Street branch filed a complaint against the directors of RP Infosystems, namely, Shivaji Panja, Kaustuv Ray, and Vinay Bafna, and Debnath Pal, Vice President (Finance); for duping a consortium of ten banks to the tune of Rs. 515.15 crore against fabricated stock positions and other forged documents.

The ten banks of the consortium are Canara Bank, State Bank of India, State Bank of Bikaner and Jaipur, Union Bank of India, Allahabad Bank, Oriental Bank of Commerce, Central Bank of India, Punjab National Bank, State Bank of Patiala, and Federal Bank.

The complaint stated that the accused, in criminal conspiracy with unknown bank officials, had availed bank loans on the basis of false and fabricated stock/receivables/debtors statements, forged drawing power letter and so on.

The complaint further alleged that Letters of Credit (LC) opened by different member banks of the consortium on the applications of M/s. R. P. Infosystems Ltd. started devolving from 2012 onwards due to non-maintenance of funds. (ANI)