UCO Bank tanks to 12 year low amid fraud allegations

UCO Bank tanks to 12 year low amid fraud allegations

Shares of UCO Bank fell almost 18 percent in the morning trade Monday. The 10-member Bankex index rose 0.3 percent.

State-owned UCO Bank slumped to almost 12-year low today after Central Bureau of Investigation (CBI) filed a case against former bank chairman Arun Kaul relating to an alleged Rs 621-crore bank loan fraud case on Saturday.

Shares of the state-run bank closed at Rs 20.90 per scrip - down 6.49 per cent - from its previous session's close. Kaul couldn't be reached when tried on his mobile phone.

The Central Bureau of Investigation (CBI) said in a statement that Arun Kaul, the bank's chairman between 2010 and 2015, had helped clear the loan.

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UCO Bank shares traded in the range of Rs 20.80 to Rs 19.15 today on the BSE.

In the UCO Bank case, it charged Kaul and several officials and accountants at the two companies with criminal conspiracy with an intention to defraud the bank of about 6.21 billion rupees by diverting and siphoning loans, according to the statement.

The CBI on Saturday registered a case on a complaint from UCO Bank against the former CMD, a private engineering company based in New Delhi, its CMD, nine others and other unknown public servants and private persons on Saturday.

In the case of the Rs 4.5 billion loan, too, the funds were utilised for purposes other than stipulated in the sanction and the end-use certificates given by the chartered account were intentionally ambiguous and against the fact, it alleged. 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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