The Banking Security and Fraud Cell of the Central Bureau of Investigation on Thursday arrested two directors of Kolkata-based computer company RP Infosystems Ltd, PTI reported. Shibaji Panja and Kaustuv Ray were arrested in connection with a complaint made by Canara Bank, that RP Infosystems had cheated a consortium of 10 banks it led of Rs 515.15 crore.

The central agency had booked Panja and Ray on February 28. The First Information Report filed in the case had also named company officials Vijay Bafna and Debnath Pal.

The consortium includes the Punjab National Bank, State Bank of India, Union Bank of India, Allahabad Bank, Oriental Bank of Commerce, Federal Bank, Central Bank of India, State Bank of Bikaner and Jaipur, and State Bank of Patiala.

Canara Bank alleged that RP Infosystems Ltd had availed loans on the basis of false and fabricated stock and debtors’ statements. It also alleged that Letters of Credit issued by various member banks had started devolving since 2012 as the funds were not maintained.