Two former bank officials are amongst several companies and their executives charged by India's Central Bureau of Investigation (CBI) in a fraud case featuring letters of credit (L/Cs).

The CBI has made the charges in three separate cases in which those charged allegedly cheated Union Bank of India (UBI) out of the equivalent of around US$22.5 million.

Bankers accused

The bankers accused in this case are a former UBI regional head, Ashok Dhabai, and a former UBI zonal head, Sanjay Sharma.

Supama Trading, Asuti Trading, Excel Metal Processor, Navmi Steel Traders, Ratnesh Ispat Services, Sanjar Steel, Geeta Mercantile and Metcraft Alloys are amongst the companies charged.


The CBI alleges that the companies and their executives opened L/Cs in connivance with bank officials, without processing, appraisal, assessment, internal rating and regular sanction from the competent authority and without creating a mortgage.

The accused allegedly submitted fake tax invoices, bills of exchange and forged receipts while discounting L/Cs issued by various banks.

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