Pune, 6th July 2023: The Central Bureau of Investigation (CBI) has taken action on a complaint filed by Union Bank of India, Pune, against a private company, KJ Infrastructure Projects India Pvt. Ltd., and several other individuals including its directors, as well as another private company and unidentified public servants/private persons.
The accused in the case are as follows:
i) M/s. K J Infrastructure Projects India Pvt. Ltd., based in Pune, Maharashtra (Borrower Company) ii) Sh. Kalyan J Jadhav, Director iii) Sh. Kalyan Eknath Kakade, Director iv) Sh. Santosh Sambhaji Dhumal, Director v) Sh. Amol Maruti Paigude, Director vi) M/s. Wing Infrastructure Engineering Pvt. Ltd. vii) Sh. Vinod Kalyan Jadhav viii) Unknown Public Servant(s) and Private Persons.
The complaint alleges that the borrower company and its promoters obtained credit facilities from Union Bank of India by providing manipulated stocks-book debts statements and financial statements with inflated figures. These misrepresentations, which included overstating sales, income, and profits, were designed to secure larger amounts of funds from the bank. The proceeds were then diverted to the accounts of related and associated companies without proper utilization. This alleged fraudulent scheme resulted in a loss of approximately Rs 91.92 crore to Union Bank of India.
As part of the investigation, searches were conducted at various locations in and around the Pune District. These searches yielded substantial evidence, including voluminous documents, hard disks, electronic gadgets, and other materials from the premises of the accused.
The CBI’s registration of the case demonstrates its commitment to combating financial fraud and holding those responsible accountable for their actions. The investigation will aim to uncover the truth behind the alleged diversion of funds and ascertain the involvement of any public servants or private individuals in facilitating the fraudulent activities.
The CBI will conduct a thorough examination of the recovered evidence to build a strong case against the accused. The pursuit of justice in this matter sends a clear message that fraudulent practices in the financial sector will not be tolerated, and appropriate legal action will be taken against those involved in such activities.
