(PTI) New Delhi, Ta. January 21, 2020, Tuesday
The CBI launched an intensive search today at a total of 13 places, including the residences of former and current directors of Frost International, a Mumbai-based fraudster with a consortium of 14 banks in the country, an agency official said.
The action was taken by the investigating agency on the basis of a complaint by the Regional Office of Bank of India, Kanpur. The bank alleged that the directors had committed this fraud in the collusion of each other without doing any real business.
The CBI conducted investigations in 13 locations, including the residences of the present directors Uday Desai and Sujoy Desai, as well as current and former directors in Mumbai, Delhi and Kanpur.
In addition to the company and its directors, the agency sued eleven more people, including the earliest RK Builders, Globies Exim Pvt and Manufacturing Pvt. Including raids were conducted in 11 places. These companies were a corporate guarantor for Frost International, the official said.
The agency alleged that they had failed to repay the borrowed money from a consortium of banks led by Bank of India. The company's directors, guarantors and others identified as false provided false loans to get loans. He had used it elsewhere to take loan money.
The company and its directors had lost Rs 3592.48 crore to the country and the bank due to fraud. On January 18, 2019, the banks acquired Lookout Circular against Uday Desai and ten others.
Subsequently, following the request of Indian Overseas Bank, Desai and 13 others obtained the LoC. The complaint of Bank of India, which became part of the FIR, stated that Frost International operated by Uday Desai, Sujoy Desai, Sunil Verma and Anup Kumar Baldevaraj Vadhera since 1995. Dealt with the same consortium.
He claimed that he was involved in various trade from stock market to agricultural products. The company was supplying and buying merchandise from China to the United States.
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