CBI Cracks Down on Swati Mining Scam: Kolkata Raids Reveal Rs 7.25 Crore UCO Bank Fraud

The CBI raided locations in Kolkata related to Swati Mining Company, accused of a Rs 7.25 crore fraud against UCO Bank. This operation aimed to uncover evidence of financial misconduct involving the company's promoters. The case highlights ongoing financial scrutiny of complex banking frauds.

On Thursday, the Central Bureau of Investigation (CBI) conducted a series of searches across Kolkata to probe a fraud case involving Swati Mining Company, which allegedly defrauded UCO Bank of Rs 7.25 crore, officials have reported.

The investigative teams raided a multi-storey residential complex in New Alipore and other locations, seeking evidence against the company's promoters and guarantors, including Amit Kumar Kejriwal and Sarwan Kumar Kejriwal. This marks a significant step in the agency's ongoing investigation into banking fraud.

The CBI's operation, accompanied by central forces, underscores the agency's commitment to uncover the misuse of UCO Bank's credit facilities. The firm's alleged redirection of funds is part of a broader pattern of financial malpractice being scrutinized by Indian authorities.

(With inputs from agencies.)