Daijiworld Media Network - Mumbai (SHP)
Mumbai, Jan 21: The CBI has registered a case against Mumbai based M/S Frost International and its two directors Uday Jayant Desai and Sujay Uday Desai along with 12 others following a complaint by Bank of India, Kanpur.
The BOI complaint alleged that the company's promoters/directors had worked in the guise of undertaking merchant trade without having any genuine business transactions and defaulted in meeting its payment obligation towards a consortium of 14 lending banks led by Bank of India.
The accused have reportedly cheated the lending banks to the tune of Rs 4,061.95 crores. To prevent the 14 accused from leaving the country, the CBI has issued a Look Out Circulars.
An FIR has been filed against the defaulters on charges of cheating, criminal conspiracy and forgery.