New Delhi: The Central Bureau of Investigation (CBI) has registered a case on a complaint from Bank of Baroda filed on behalf of a consortium of lending banks against M/s Ruchi Global Ltd and others including its directors, Umesh Sahara, Saket Barodia, Asutosh Mishra and unknown public servants.
Ruchi Global Ltd is a subsidiary of Ruchi Group of Industries, which operates in areas like wholesale sales of metals, metal ores, cereals and pulses.
The company’s registered office is in Mumbai, (Maharashtra) and its Corporate Office is located in Indore (MP). The bank has alleged that the accused fraudulently indulged in the diversion of funds, speculation transactions, non-routing of sale proceeds in consortium bank accounts, transactions with related parties/sister concerns etc.
The alleged fraud caused a loss of Rs.188.35 Crores (approx) to the lending banks. The other consortium banks such as Punjab National Bank and Jammu & Kashmir Bank have given their mandate to the Bank of Baroda to file the complaint with CBI on their behalf.
Searches were conducted today at six places including Indore, Mumbai and Bangalore at the premises of the accused which led to the recovery of various incriminating documents.