The Central Bureau of Investigation has registered a case against private company based at Mehsana (Gujarat) & its 04 Directors and unknown public servants/ others on a complaint from Bank of India. It was alleged that the accused were sanctioned various credit facilities amounting to Rs. 810 crore(approx) by a consortium of Bank of India (Lead Bank) and other 08 member banks. It was further alleged that the accused have cheated the said consortium banks during the period 2014 to 2017 through malafide activities, such as diversion of loan funds; conducting majority of sale transactions with certain selective parties, which were accommodative in nature; maintaining the bank accounts outside the consortium member banks, transacting sales with such parties which were not in activities of trading of edible oil or manufacturing; purchasing the material at inflated invoice prices and routing of revenue proceeds in the bank accounts outside the consortium banks etc. An alleged loss of Rs.678.93 crore(approx) was caused to lending banks.
Searches are being conducted at six places, including/ Ahmedabad, Mehsana (Gujarat) at the premises of the accused.
Investigation is continuing