K.J. Infrastructure Projects and its promoters availed credit facilities from UBI on the basis of manipulated statements in order to draw higher volume of amounts from the bank. Later, they diverted the proceeds into the accounts of its related and associated companies without its end utilisation. Due to this, the bank suffered a loss of Rs 91.92 crore.
After lodging the FIR, the CBI conducted searches at various locations in and around Pune, which led to recovery of incriminating documents, hard disks, and electronic gadgets from the premises of the accused.