The Central Bureau of Investigation, CBI, has registered a case of fraud against a tours and travel company for allegedly siphoning-off over 41 crore rupees from Indian Overseas Bank through forged and fabricated documents related to availing of credit limits. CBI sources said, a case has been registered for criminal conspiracy, alleged cheating, forgery and fabrication of documents against two directors of Airworth Travels and Tours and unknown bank officials.
Sources said, it is alleged that they hatched criminal conspiracy and siphoned off sanctioned credit limit and bank guarantee by submitting fabricated financial statements for availing these facilities. They said the duo allegedly submitted false account books, debit statements and induced the IOB’s officials to disburse the funds during 2009 to 2013 which became non-performing assets during 2014. The company which availed this facility for existing business of air ticket booking had sublet the business and diverted the funds for other businesses causing the loss to the bank.