CBI had registered a case on 19.03.2014 u/s 120-B IPC r/w sec. 420 of IPC on the allegations of a bank fraud in which accused persons availed credit facilities on the basis of false and fabricated documents. A loss to the tune of Rs. 11.61 crores(approx) was caused to Indian Overseas Bank, Mumbai.

The accused persons were absconding since registration of the case and, avoiding investigation, by frequently changing their address. They were declared Proclaimed Offenders on 17.10.2014 by the ACMM 19th Court, Mumbai.

After continued efforts, CBI traced the accused persons and arrested them at Pune.The arrested accused persons are being produced today in the Designated Court at Mumbai