CBI starts probe against Educomp in 1,955 Cr Bank Fraud

CBI registered a bank fraud case against two companies Educomp Solutions and Edu Smart Services Private Ltd. It has also registered a case against founder & MD of Educomp Shantanu Prakash, Jagdish Prakash, who was the guarantor of Educomp, and two other directors of the company — Vijay Kumar Choudhary and Vinod Kumar Dandona, The Hindu reported

CBI said that the fraud case was filed by the State Bank of India on behalf of itself and the other 11 banks that were duped by Educomp.

“It used forged documents as genuine, diverted and siphoned off the banks’ funds and cheated the lending banks to the tune of INR 1955.36 crore,” the CBI added.

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