CBI books Frost International, its directors in Rs 3,600 crore fraud

New Delhi: The Central Bureau of Investigation (CBI) has registered a criminal case against Mumbai based M/s Frost International, its two directors Uday Jayant Desai and Sujay Uday Desai and 12 others on the complaint of Bank of India (BOI), Kanpur. The accused have been booked on charges of cheating, criminal conspiracy and forgery.

The bank has alleged that the company’s promoters/directors had worked in the guise of undertaking merchant trade without having any genuine business transactions and defaulted in meeting its payment obligation towards a consortium of 14 lending banks led by Bank of India.

The borrowing company and its directors, guarantors and unknown others conspired and committed acts of forgery, including valuable securities, used the forged documents as genuine, diverted and siphoned off the bank’s funds and cheated the lending banks to the tune of Rs 3592.48 crores.


As per agency sources, look out circulars have been issued against all the 14 accused, including the directors of the company, to ensure that they do not escape the country.