In connection with a case involving a Rs 70 crore bank fraud, the Central Bureau of Investigation (CBI) conducted a raid on the home of a Mumbai businessman. The CBI launched an investigation into businessman Vinod Jatia after receiving a complaint from Indian Overseas Bank.
The bank claimed that Vinod Jatia and his family, as well as other Dilshad Trading promoters, had defrauded the bank using fabricated documents.
According to CBI sources, the accused company reached a receipt and payment settlement with its debtors, creditors, and affiliated organisations. Several transactions were made, but none of them were recorded in the books.
Additional sources informed that, the agency seized several documents from the businessman’s home and office during the raid. According to reports, the officials have found documents that demonstrate financial misappropriation as well as fake transactions and bill receipts.
The CBI is also keeping an eye on the housing projects being built by the Jatia Group in Navi Mumbai and Pune in relation to the scam. The investigating agency has suspicions that these projects may have been funded with the misappropriated funds.
Further investigation is underway.
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