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Bank of Singapore cheated of Rs 122 crore

The agency has registered a case against the company Surya Vinayak Hospitalities Pvt Limited and directors of Surya Vinayak Industries, Sanjay Jain, Rohit Choudhary, Sanjeev Agarwal, Rajeev Jain and Kamal Kant Sharma.

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The Development Bank of Singapore was cheated to the tune of Rs 122 crore between 2007 and 2012 by a Delhi based company, CBI has alleged in a First Information Report. The CBI conducted searches on Saturday.

The agency has registered a case against the company Surya Vinayak Hospitalities Pvt Limited and directors of Surya Vinayak Industries, Sanjay Jain, Rohit Choudhary, Sanjeev Agarwal, Rajeev Jain and Kamal Kant Sharma.

The accused including directors and others of the said Delhi-based private company had been arrested by the CBI on April 11 and at present, they are in judicial custody.

The CBI has so far registered six cases against them.

“The directors of the said company arranged firms and companies to show bogus sale and purchase of agro-commodities and perfumery compounds,” CBI spokesperson RK Gaur said.

CBI officials alleged that the company overpriced its stocks and claimed it to be worth approx Rs 887 crore, but after evaluation it turned out the alleged value was only Rs 4.83 crore.

 It is also alleged that the accused submitted forged documents as valuable security to the bank for enhancement of credit limit.

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