Colluding Bankers

Remember the notorious Rajkumar Basantani of Soundcraft Industries, Adam Comsoft and Kolar Biotech who fled after duping investors and banks of a few hundred crores? The three companies managed to siphon over Rs200 crore from 30 banks that lent him money including Punjab National Bank (Rs11.5 crore), Bharat Overseas Bank (Rs five crore) and Greater Bombay Co-operative Bank (Rs five crore). In...

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