RP Infosystem directors arrested

RP Infosystem directors arrested”

"This was the fourth time, founder-directors of Kolkata-based RP Infosystems Ltd (Chirag computers) was grilled by our investigators on Thursday and they have been arrested in connection with a bank fraud case as their statements failed to satisfy us", a senior official of CBI told IBNS. The FIR was filed on the basis of a complaint from D.V. Prasad Rao, the deputy general manager of Canara Bank's Camac Street branch.

Canara Bank had recently filed a fresh complaint against Kolkata-based R P Infosystem and its directors following which the CBI initiated a probe into the matter. The said borrower company fraudulently did not route the sale proceeds through the loan account and allegedly siphoned off the entire amount.

Besides Canara Bank, the consortium includes State Bank of India, State Bank of Patiala, State Bank of Bikaner and Jaipur, Union Bank of India, Allahabad Bank, Federal Bank, Oriental Bank of Commerce, Central Bank of India and Punjab National Bank.

It was further alleged that Letters of Credit (LC) opened by different member Banks of the Consortium on the applications of the said private company started devolving from 2012 onwards due to non-maintenance of funds. But in the FIR, the agency had only focused on the exposure to IDBI bank which was over Rs 180 crore.

"During 2013, IDBI Bank relinquished their position as consortium leader after the deliberations with the RBI".

CBI said it acted upon Canara Bank's compliant on February 27 and arrested Panja and Roy for non-cooperating in investigation.

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