CBI books two cases of cheating against private firms, conducts raids

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The Central Bureau of Investigation has registered a case on a complaint from the State Bank of India, stressed assets management branch, Ahmedabad, against a Gujarat-based private company, including its Directors, and others on the accusation of causing loss of Rs 214.11 crore to the bank.

The bank had sanctioned a term loan to the company — Siddhi Vinayak Logistic Ltd.– for purchasing new commercial vehicles.

It was alleged by the SBI that the company’s Directors and the accused persons — Roopchand Baid, Rajkumar Baid, Laxmi Devi Baid and Deepak Kumar Baid — had cheated the bank by not hypothecating the vehicles in favour of SBI.

The SBI alleged that the loan was not utilised for the purpose for which the term loan was sanctioned.

“Loan was sanctioned to buy new vehicles but the company was allegedly investing the money somewhere else,” said a CBI official.

After lodging a case, the CBI conducted searches at the premises of the accused persons at Surat and Mumbai which led to recovery of incriminating documents.

A second similar case was registered on a complaint from Canara Bank, Lucknow, against private companies M/s Clarion Township Pvt. Ltd, M/s Rohtas Projects Ltd, among others, including their Directors, Guarantor and officials.

It was alleged that the accused in conspiracy with each other had cheated Canara Bank by defrauding, misappropriating and diverting the loan amount and caused loss to the tune of Rs 24.82 crore to the bank.

The private company allegedly mortgaged part of the collateral security to a housing finance company to secure a loan of Rs 21.26 crore. The account became a non-performing asset in 2017.

The borrower company had sold primary and collateral security without intimating and obtaining a no objection certificate from the bank.

After lodging a case, the CBI conducted raids at the premises of the accused in Lucknow, Faizabad and Ghazipur. The agency has recovered incriminating documents which will be used as evidence against the accused.

20211206-182932

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