Seven companies marketcap decreases by over Rs 1 lakh crore
Last week, Nifty fell 50 points or 0.20 per cent to 24,964 and Sensex fell 307 points or 0.38 per cent to 81,381. This was the second consecutive week when the market closed in the red.
The Central Bureau of Investigation (CBI) has raided at least nine official and residential premises in Mumbai and other parts of Maharashtra in connection with a case for allegedly defrauding the State Bank of India (SBI) and seven other consortium banks to the tune of over Rs 862 crore, an official said on Monday.
The raids were targeted against Trimax IT Infrastructure & Services Ld (TIISL), its Managing Director Surya Prakash Madrecha, Director Chandra Prakash Madrecha, and other unknown officials and private persons.
The action followed a complaint by the SBI against the accused of cheating he bank and its other consortium member-banks of the amount between 2009-2017.
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The SBI said that during the period, the accused were sanctioned credit facilities under consortium banking and these were enhanced regularly.
However, the company’s MD and directors conspired to manipulated the books of accounts and diverted the funds released, thereby cheating the seven banks.
Undergoing bankruptcy proceedings, the TIISL provided IT support to various public sector banks, to a government company for rolling public Wi-Fi networks and has operations in Singapore.
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