New Delhi: The CBI on Thursday carried out searches at five locations in Delhi and Uttar Pradesh’s Aligarh after registering an FIR against Hind Agro Industries Ltd for an alleged bank fraud of ? 221.72 crore in the Punjab National Bank, officials said.
The company engaged in meat product export was sanctioned credit facilities of ? 200 crore in 2011 which was enhanced to ? 357.61 crore during March-September, 2015, they said.
“It was further alleged inter alia that the credit facilities were required to be used for making 100 per cent export, but the company utilised export credit facility in order to fund the domestic sales. It was also alleged that the borrower company transferred the funds to various related companies without any underlying business activities,” CBI spokesperson R K Gaur said.
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