The Central Bureau of Investigation (CBI) said on Tuesday that it has registered a case against a Gujarat-based company and its four directors for cheating banks to the tune of Rs 678 crore besides carrying out searches at six places.
A CBI spokesperson said that the agency has booked Vimal Oil & Foods Ltd, Mehsana, its directors Jayeshbai Chandubhai Patel, Mukeshkumar Naranbhai Patel, Ditin Narayanbhai Patel and Mona Jigneshbhai Acharya and unknown public servants and others.
The official said that the CBI registered the case on a complaint filed by the Bank of India.
He said that in the complaint, it was alleged that the accused were sanctioned various credit facilities amounting to Rs 810 crore by a consortium of Bank of India (lead bank) and eight other member banks.
The official said that it was further alleged that the accused had cheated the said consortium of banks between 2014 and 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 was caused to the lending banks,” he said.
The official said that the CBI teams carried out searches at six places, including the premises of the accused persons.