Varun Industries Bank Fraud Case: Central Bureau of Investigation (CBI) has registered an FIR against Varun Industries Limited of Mumbai. This firm is accused of cheating two public sector banks. According to media reports, Varun Industries is accused of defrauding these banks to the tune of Rs 388.17 crore. In April this year, the CBI had arrested Varun Industries Limited (Varun Industries Ltd.) had investigated two companies Varun Jewel and Trimax Data Center. This investigation was done regarding fraud with the bank. The company alleges that it took a loan from Punjab National Bank and transferred Rs 46 crore to its account. After this, Varun Jewel became NPA.
PNB suffered a loss of 63 crores.
According to the report, Punjab National Bank suffered a loss of around Rs 63 crore due to Varun Jewel’s account being NPA. The company is alleged to have transferred eight crore rupees out of the loan money from PNB to its subsidiaries in Mauritius. Whereas, Trimax Datacenter Services, associated with Trimax IT Infrastructure and Services, another company of Varun Industries, took a loan from Bank of Maharashtra in the year 2014. The loan amount was around Rs 29 crore. After getting the loan amount in the account, the company transferred it to several parties.
190 crore loan to Trimax IT
Varun Industries Limited, after disbursing the loan amount to different parties, withdrew it from several other bank accounts and transferred the money to the holding company’s account through routing cells. Due to this the company’s account became NPA in 2018. It is said that Trimax IT got a loan of 190 crores. The company misused it. After the complaint of the bank in the whole matter, the CBI took up the investigation. After this, a case has been registered against Varun Industries.