Mumbai: The Economic Offences Wing (EOW) registered a case against the chairman and the general manger of a private firm for duping a bank of Rs 2.97 crore.
“The accused —Murtuza Nadir, chairman of Sico Pipe Fittings Pvt Ltd, and Tasneem Nadir, general manager of the firm—issued a letter of credit to State Bank of Travancore in Kerala. The letter was then forwarded to the bank’s branch in Mumbai. Based on the letter of credit, a loan of Rs 2.97 crore was sanctioned and transferred to the accused’s account,” said an officer.
“The accused had earlier tried to get a loan on forged letter of credit in a similar fashion. This was their second attempt,” said the officer. “During document verification, bank officials realized the letter of credit was forged. They immediately reported the matter to police and a case was registered,” the officer said. No arrests have been made yet.
The Times of India, September 18, 2012