Bank of Baroda case: CBI registers FIR against directors in Rs 374 crore fraud

The CBI has registered a case of criminal conspiracy and cheating against the directors of a Guajrat-based firm and three employees of the Bank of Baroda for allegedly causing a loss of Rs 374.49 crore to the bank during 2014-15.

The firm had been granted 'packing credit' facility and a facility for foreign bills purchase/discounting to the tune of Rs 374.49 crore, which was allegedly abused.

"It was found that no export had allegedly taken place against 184 bills. Further verification by a law firm engaged by the bank found that stocks were allegedly unavailable at all the three warehouses in China indicated by the borrower," CBI said in a statement.

Based on primary investigation, CBI registered a case of cheating, criminal conspiracy and abuse of official powers against the directors, bank officials and unknown persons.

Searches were being conducted today at two places in Ahmedabad and one places in Mumbai, the agency said.