CBI books BoM official, 14 others in fraud case

CBI has registered case against former Assistant General Manager of Bank of Maharashtra (BoM) posted in Maharashtra beside 14 others for causing an alleged loss of Rs. 42.38 crores (approx) to the bank. Recently, BoM Aurangabad Zone, has lodged a complaint with the CBI against the former Assistant General Manager A.M. Raje and 14 persons including proprietors, partners of a local private firms for causing the loss.

It was alleged that then Assistant General Manager during the period 2012-2013 had entered into criminal conspiracy with other accused persons and sanctioned credit facilities amounting to Rs.5 Crores (approx) each to the borrowers under the Loan Against Property Scheme of BoM by taking on record false valuation reports of the mortgaged property wherein their values were highly inflated by the Panel valuers. “The borrowers miss utilized the funds and did not repay the funds. An alleged loss of Rs.42.38 Crores (approx) was caused to the BoM,” CBI statement reads.