(File Photo)Based on a complaint from Andhra Bank, the Central Bureau of Investigation (CBI) has registered a cheating case against electrical equipment manufacturer Best and Crompton Engineering Projects Ltd. The CBI FIR alleges that the firm has cheated the bank to the tune of Rs 71 crore. Watch What Else Is making NewsAccording to the FIR, Andhra Bank had extended working capital, bank guarantee and letters of credit worth Rs 60 crore to the company. Later, Central Bank of India, which was the leader of the consortium funding the company, decided to enhance these limits from Rs 310 crore to Rs 900 crore, the complaint has alleged. The company also indulged in diversion of funds, Andhra bank has alleged.

Source: Indian Express February 12, 2017 18:40 UTC