PNB scam effect: Canara Bank moves CBI with Rs 515 cr fraud charge against Kolkata-based R P Infosystem

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Another bank fraud has broken with Canara Bank by moving the Central Bureau of Investigation (CBI) with a complaint of fraudulent transactions worth Rs 515.15 crores against RP Infosystem based in Kolkata and its directors.

After the National Bank of Punjab (PNB), the Bank of Baroda (Rotomac case), other public sector banks also seem to rush towards the CBI with fraud cases. Firstpost has a copy of the FIR (First Information Report) that the Canara bank has filed alleging fraudulent transactions.

According to the FIR, on February 26, 2018 DV Prasad Rao, deputy general manager, Canara Bank filed a complaint with the CBI in Kolkata claiming that Shivaji Panja, Kaustav Kaustuv Ray and Vinay Bafna, directors and Debnath Pal, vice president (finance) of RP Info Systems swindled Canara Bank and 9 other member banks of a consortium for a sum of Rs 515.15 crore.

The plaintiff alleged that the bank fraud was committed through the company’s accounts in criminal conspiracy with unknown bank officials in 10 member banks of the consortium formed by Canara Bank, State Bank of India, State Bank of Bikaner & Jaipur, Union Bank of India, Allahabad Bank, Oriental Bank of Commerce, Central Bank of India, Punjab National Bank, State Bank of Patiala, and Federal Bank when making use of bank funds on the basis of false and fabricated statements of shares / accounts receivable / debtors , forged extraction power chart, etc.

It is also alleged that the Letters of Credit (LC) opened by different members of the Consortium Banks on the applications of R P Infosystems began to evolve from 2012 due to the lack of maintenance of the funds. Canara Bank alleged that R P Infosystem dishonestly and fraudulently did not route the proceeds of the sale through the loan account and diverted the total amount. He also inflated his accounts receivable, it was alleged.