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CBI case against private firm causing loss of Rs. 38.53 Crores to Union Bank

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The Central Bureau of Investigation(CBI)) has registered a case against an Ahmadabad firm on for committing an alleged fraud to the tune of Rs. 38.53 crore based on a complaint received from Union Bank of India.

It was alleged that a private firm based at Anand District of Ahmedabad(Gujarat) having two Directors entered into a conspiracy with a proprietor of private firm based at Dhansura, Sabarkanta District(Gujarat) to cheat Union Bank of India.150px-Cbi_logo.svg

As per plans the accused obtained credit facilities from the Bank to the tune of Rs. 55.81 crores (Rs.7.50 crores as Working Capital & Rs. 48.31 crores as Term Loan) for purchase of 125 trucks from a supplier and to get the PUF-insulated-refrigerated-container fixed on the chassis from Dhansura, Sabarkanta District based firm for their transportation business of perishable goods.

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The said Directors allegedly cancelled the orders partially and took delivery of only 25 trucks.

 Even though the differential amount of 100 trucks ie, Rs. 14.81 crore (approx) was refunded by the Supplier to the Bank, the amount disbursed to Dhansura, Sabarkanta District based firm for fabrication was still outstanding.

 It was further alleged that the 25 trucks were not given to Union Bank of India for inspection, but subsequently the company allowed inspecting only five trucks and it was found that they were fitted with ordinary Containers only instead of PUF-insulated-refrigerated-Container.

The accused persons, without ensuring the end use of the loan had allegedly diverted the fund of the Bank and thereby caused an alleged loss of Rs. 38.53 crore (approx) to the Union Bank of India.

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Searches have been conducted at five office & residential premises of the company and its Directors at Anand & Dhansura, Distt. Sabarkantha (Gujarat) which led to recovery of incriminating documents.

 Further CBI investigations is continuing.

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Ankit Mahajan
Ankit Mahajan
Ankit Mahajan the dynamic Chief of Bureau of Taazakhabar News is like a fire and forget missile that is sure to hit the target. A meticulous planner with an eye for detail, he never gives up and makes his presence felt in everything he does.


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