CBI to grill ex-UCO bank CMD for graft

The Asian Age.

Metros, Mumbai

Searches were conducted on Saturday at 10 places.

It was further alleged that the then-CMD Arun Kaul, who held the position between 2010 and 2015, allegedly facilitated the accused company in obtaining the said loan.

Mumbai: The Central Bureau of Investigation (CBI) is likely to question a former chief managing director (CMD) of the UCO Bank soon as part of its probe into a fraud case involving alleged siphoning of Rs 621 crore in funds.

The CBI on Saturday registered a case on a complaint from UCO Bank against the former CMD, a private engineering company based in New Delhi, its CMD, nine others and other unknown public servants and private persons on Saturday.

It was alleged that the accused, in pursuance of conspiracy, defrauded UCO Bank to the tune of Rs 621 crore by diversion and siphoning of bank loans, without utilising it for the sanctioned purpose and produced false end-use certificates issued by the chartered accountant by fabricating business data.

It was further alleged that the then-CMD Arun Kaul, who held the position between 2010 and 2015, allegedly facilitated the accused company in obtaining the said loan. Searches were conducted on Saturday at 10 places.

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