CBI Registers a Case Against a Private Company & Others Including Its Partners/Guarantors on The Allegations of Bank Fraud, And Conducts Searches

(Judicial Quest News Network)

The Central Bureau of Investigation has registered a case on complaint from Bank of Baroda, Regional Office, Vadodara against a private company based at Vadodra(Gujarat) and others including its Partners/Guarantors, unknown public servants & unknown others on the allegations of causing a loss of Rs.40.72 crore(approx) to Bank of Baroda.

            It was alleged that during the period 2017 to 2021, the accused were sanctioned various credit facilities by Bank of Baroda. It was further alleged that the borrower company did not submit stock statements or CA certified book debts to the bank. Further, the goods/stocks hypothecated with the bank were not allegedly available with the borrower company at the time of Unit inspection carried out by the bank. It was also alleged that the company had falsified/manipulated the books of accounts to avail credit facilities from the bank and diverted the funds, causing a loss of Rs.40.72 crore(approx) to the bank.   

            Searches were conducted at 05 locations including at Vadorada and Ahmedabad at the premises of accused which led to recovery of incriminating documents.

            Investigation is continuing.