The Central Bureau of Investigation (CBI) has initiated a probe into a loan fraud case exceeding Rs 4,000 crore, targeting GTL Infrastructure Ltd (GTIL) and unnamed bank officials. As part of the investigation, the CBI conducted searches at the Mumbai office of GTIL. The agency’s actions come in the wake of an FIR registered against GTIL and unidentified bank officials for their alleged involvement in the fraud, as reported by officials on Tuesday.
Thirteen banks’ officials are now under the scrutiny of the CBI for their alleged role in transferring the dues amounting to Rs 3,224 crore from the company to an asset reconstruction firm at just Rs 1,867 crore. The allegation is that these banks failed to ensure the protection of their loans through collateral securities, raising significant concerns about their actions.
The said bank officials were reportedly engaged in negotiations pertaining to GTIL’s outstanding loans, as confirmed by officials familiar with the matter.
