Want to know is it fraud or not: the x company created lc b

 

I want to know is it fraud or not: The X company created LC based on PO in favour of Y company both companies are in same building. Y company discounted the LC X company and Y company have no relations on business wise X company or Y company not sold or bought any goods till now Banker debited margin money to X company of Rs.50 Lakhs till now X company not paid LC amount to Bakner even after one year completed the amount involved is 50 crores the entry in X company is XYZ company a/c DR 50 crores To Other Libilities A/c 50 crores is there any wrong in this case under law or not need experts opinion