Pushpak Bullions Faces International Scrutiny Over Major Bank Fraud

A special CBI court has ordered the issuance of 'Letters of Rogatory' to seek judicial assistance from the United States and United Arab Emirates in the investigation of an alleged Rs 83 crore bank fraud perpetrated by Pushpak Bullions.

According to CBI allegations, Pushpak Bullions Pvt Ltd, through directors Chandrakant Patel and Amit Yogesh Sampat, conspired to obtain Rs 140 crore in credit from nationalised banks. The agency claims they submitted falsified financial statements and siphoned off funds, resulting in significant losses for Union Bank of India and Bank of India.

During a court hearing, prosecutor Anoop Yadav revealed funds were channeled to Pushpak Mining & Exploration LLC, acquiring Pine Creek Mining Inc. to develop Gold Basin Mine in the USA. Transactions related to gold jewellery with UAE-based entities further necessitate gathering testimonies from Gulf witnesses.