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CBI Registers FIR Against RP Infosystem For Cheating 10 banks To The Tune Of Rs 515.15 Crores

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| February 28 , 2018 , 17:48 IST

After the Punjab National Bank fraud, the Central Bureau of Investigation has registered another case on Tuesday against a Kolkata-based R P Infosystem for allegedly cheating Canara Bank and nine other member Banks of a Consortium to the tune of Rs. 515.15 crore.

The 10 members of the Bank Consortium are Canara Bank, State Bank of India, State Bank of Bikaner & 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.

Also Read: After PNB And UCO Bank, Now Bank Of Maharashtra Duped Of Rs 9.5 Crores, FIR Lodged

CBI has booked M/s. R. P. Info Systems Ltd. for the alleged fraud and filed an FIR against its directors Shivaji Panja, Kaustav Ray, Vinay Bafna, and Vice-president (finance) Debnath Pal.

The complainant, Canara bank alleged that the bank fraud was committed through the borrowal accounts of the company in criminal conspiracy with unknown bank officials on 10 member banks of the consortium. The accused company availed bank funds on the basis of false and fabricated stock/receivables/debtors statements.

It is also alleged that Letters of Credit (LC) opened by different member Banks of the Consortium on the applications of R P Infosystems started devolving from 2012 onwards due to non-maintenance of funds. 

The case has been registered under sections 120B (criminal conspiracy) read with 420 (cheating), 468 and 471 (both related to forgery) of the IPC and the criminal misconduct by a public servant.

The other member banks of the consortium had authorised Canara Bank to lodge the consolidated complaint, according to the FIR.