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SCAM
Presented By:
Anusha Iyer:33
Sangeetha Iyer:34
What does the case study
cover?
co.)-1992.
Schemes:
The company offered various schemes like
merchant banking , leasing and hire
purchase , bill discounting and corporate
funds management , fixed deposit and
resources mobilization , mutual funds and
asset management , international finance
and forex operations.
CRB caps was also very active in stock-
broking having a card both on the BSE
and the NSE.
Success Story:
The company raised over Rs.176 crore
from the public by January 1995.
A+ rating given by CARE and upfront
cash incentives of 7-10% attracted
investors in hordes to Bhansali’s
schemes.
CRB Corporation Ltd raised another Rs.84
crores through three public issues
between May 1993 and December 1995.
CRB share custodial services raised
another Rs.100 crores in January 1995.
In August 1994 , Bhansali launched CRB
mutual funds (CRBMF) which raised
Rs.230 crores from the market through
Arihant Mangal Growth Scheme.
Media analysts pointed out that the group’s
global outlook and timely foreign collaborations
were responsible for it’s success.
CRB’s joint ventures with Daewoo Securities
and Keystone Group met with reasonable
success.
In mid 1990s , Bhansali came out with the book
extolling his virtues and achievements titled
“Dr. C R Bhansali-Making the Difference”.
The Man and the
Mess!!!!!!!!!!
Suspicions arose when CRB cap’s networth
grew from Rs.2 crores in 1992 to Es.430
crores in 1996
It was in mid 1996 that reports regarding
frauds being committed by the RBI group
began appearing in the media.
An FIR was filed against CRB as per section
120B read with section 420 of the Indian
Penal Code and section 13(2) read with
section 13(1)D of the corruption Act.
Bhansali Was Charged With
Fraud, Cheating , And
Siphoning Off Of Funds From
SBI.
The Modus Operandi:
Dummy Companies.
M.M.Narang-Scale II officers