‘Industrialist’ scripts Rs 6,200 crore swindle with 60 shell firms

A Kolkata businessman orchestrated a massive Rs 6,200 crore bank fraud using 60 shell companies, with bank chiefs allegedly complicit. Fictitious iron and steel transactions, involving fake sales and purchases, were conducted through book entries. The scam was exposed after the arrest of a former bank CMD, leading to the attachment of properties worth over Rs 106 crore.