<h1>Federal probe charges industrial group, private bank and firms with conspiring to siphon Rs 2,796 crore from bank</h1> A federal probe has filed a chargesheet accusing a prominent industrial group's companies, a private bank and several related firms of conspiring to siphon public funds, causing a loss of about Rs 2,796 crore to the bank. The agency alleges the bank's then-chief executive abused his position to approve large debt and debenture investments into financially weak group companies despite adverse ratings, while the group reciprocated with concessional credit to firms controlled by the banker's family. The complaint, brought under anti-corruption and criminal law provisions, also cites mutual-fund investments and purchases of high-risk AT1 bonds as part of the alleged fraudulent scheme.