CBI files Charge-sheet against Company MD for Bank Fraud
The CBI, Bank Securities & Fraud Cell (BS & FC), Bangalore, has filed a charge-sheet against Chairman and Managing Director (CMD), M/s. Fashion Syncotex Pvt. Ltd., R.S.Puram, Coimbatore, and two other private persons.
CBI had taken up this case for investigation on a complaint from State Bank of India.
The Charge is that Chairman and Managing Director of M/s. Fashion Syncotex Pvt. Ltd., had submitted fabricated title deeds to State Bank of India, Commercial Branch, Coimbatore during 1999-2001 to avail various credit facilities aggregating to Rs.8.53 crores. The promoters of M/s Fashion Syncotex Pvt. Ltd. had arranged for additional third party collateral security comprising of immovable property belonging to another accused valued at Rs.72 lakhs and it is alleged that the other accused has died in 1995 i.e. many years prior to the execution of the guarantee documents and creation of equitable mortgage in his name, indicating that another person had impersonated while creating the equitable mortgage of the second property. Thus, the criminal acts of both the accused caused a wrongful loss of Rs. 9.39 crores to SBI, Commercial Branch, Coimbatore and corresponding wrongful gain for themselves.