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UCO Bank plunges 14% after CBI books former CMD in Rs 6.21 billion fraud

SI Reporter/Mumbai 16 Apr 18 | 09:52 AM

The ban on LoUs has affected business of foreign branches. Bank says one branch is enough to cater for customers’ needs

UCO Bank plunged 14% to Rs 19.15 on the BSE in early morning trade after the media report suggested that the  Central Bureau of Investigation (CBI) has booked former chairman-cum-managing director of the bank’s Arun Kaul and others in connection with an alleged Rs 6.21 billion loan fraud.

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The stock was trading at its lowest level since September 7, 2006. It touched an all-time low of Rs 14.30 on July 19, 2006 on the BSE in intra-day trade.

Besides Kaul, the CBI booked Era Engineering Infra India Ltd. (EEIL), its CMD Hem Singh Bharana, two chartered accountants -- Pankaj Jain and Vandna Sharda -- and Pawan Bansal of Altius Finserve Pvt. Ltd. among others, the PTI report suggested quoting officials.

It is alleged that the accused persons in pursuance of a criminal conspiracy defrauded the UCO Bank to the tune of about Rs 6.21 billion by diversion and siphoning of the bank loans, added report. CLICK HERE TO READ FULL REPORT.

At 09:48 am; UCO Bank was trading 8% lower at Rs 20.60 against 0.19% decline in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 4.90 million shares changed hands on the BSE and NSE so far.

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