CBI Case Against Firm For Cheating UCO Bank-Led Consortium Of Over 105 Crore

The CBI has booked Madhya Pradesh-based company Narayan Niryat and its director, Kailash Chand Garg, for allegedly cheating a UCO Bank-led consortium to the tune of over ₹ 105 crore, officials said on Monday.

The agency has alleged that from 2011 to 2013, the company availed credit facilities to the tune of over ₹ 110 crore from a consortium of banks consisting of UCO Bank, Corporation Bank (now merged with Union Bank of India) and Punjab National Bank, they said.

The CBI has also named another director of the company, Suresh Chand Garg (who died), as accused in the FIR.

To allegedly cheat the banks, Narayan Niryat and its directors resorted to various mala fide activities such as diversion of bank funds through its associate and sister concerns without transacting any goods, improper reporting in financial statements and balance sheets, the officials said.

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