CBI arrests five people including Bank of Baroda (BOB) officials in 31.50 crore fraud case

CBI arrests five people including Bank of Baroda (BOB) officials in 31.50 crore fraud case

New Delhi/ Beuro

The Central Bureau of Investigation (CBI) has arrested five people, including officials of Railway Land Development Authority (RLDA) and Bank of Baroda (BOB), in connection with an alleged embezzlement of Rs 31.50 crore. In fact, the CBI had registered a case on the complaint of the RLDA, alleging that it had suffered a loss of Rs 31.50 crore by unidentified persons.

The investigating agency produced the arrested accused – former RLDA manager Vivek Kumar, former Bank of Baroda branch manager Jaswant Roy and three others Gopal Thakur, Hitesh Karelia and Nilesh Bhatt – in a special court. Officials said that the court has sent the three to judicial custody. “It was alleged that the RLDA had initially invested around Rs 35 crore in the form of fixed deposit FD in the Bank of Baroda branch located at Vishwas Nagar, Shahdara, Delhi,” a CBI spokesperson said.

Thereafter, the maturity amount also had to be reinvested for three months. He said the bank allegedly invested only Rs 3.50 crore and diverted the remaining Rs 31.50 crore to various shell companies with the connivance of bank officials, RLDA officials and private sector individuals.