New Delhi : The latest CBI findings suggest that the massive fraud involving forged letterheads of foreign banks and bankers’ receipts had the active approval of some of the top boss of the Fair growth and was not a one man job as has been sought to be made out by the FFSL management.
For instance on a capital base of a mere Rs. 8.6 crore the company had traded in securities worth Rs. 3,000 crore in the first few months of the year 1992.
Fresh investigations have revealed that the FFSL had purchased units worth about Rs. 33,000 and through a fraud enhanced their value to over Rs. 150 crore. (Hindustan Times Aug. 12 )
