CBI raids tannery owner`s office, residence
Kanpur: CBI has raided the offices and residence of a Kanpur based tannery owner, in connection with a case of alleged fraud worth Rs 40 crore.
The raids were carried out at the residence and offices of the tannery owner at Kanpur, Pune, Delhi and Agra yesterday and several documents related to the case were recovered, a CBI official told reporters on Tuesday.
In 2004-05, the tannery owner had allegedly exaggerated figures and cost of leather products to help strengthen the balance sheets and turnover reports.
On basis of which, he took a loan of Rs 40 crore from the few banks, which was never returned, the official said.
Following which, three FIRs were registered against the tannery owner.
When the banks failed to realise the amount, the authorities sought CBI help in the matter, the official said.
The initial investigation reveals that the securities attached against the loans with the banks were forged, he said.
The tannery owner, however, refused to interact with mediapersons over the issue.