NE NEWS SERVICE
NEW DELHI, OCT 31
The Central Bureau of Investigation (CBI) has filed a case against a Gujarat-based firm and its executives for defrauding banks to the tune of Rs 114 crore, officials said.
Case filed by #CBI in Rs. 114.06 crore scam with bank by #Nadiad's company #Kheda #TV9News pic.twitter.com/0BN6mDjOpi
— Tv9 Gujarati (@tv9gujarati) October 30, 2021
The FIR has been filed by CBI based on the complaint from Bank of Baroda against Gujqrat’s Nadiad-based Shri Jalaram Rice Industries Pvt Ltd, its directors – Jayesh Tribhovandas Ganatra and Bipin Tribhovandas Ganatra – along with unknown public servants for allegedly cheating Bank of Baroda, e-Corporation Bank and Union Bank of India to the tune of Rs 114 crore during the period 2010 to 2015.
In the FIR, it was alleged that during the period 2010 to 2015, the accused persons were sanctioned various credit facilities under consortium banking.
“It was further alleged that the borrower company submitted false and fictitious book debts to induce the banks to sanction credit facilities. The loan proceeds were allegedly diverted and siphoned off by the borrower company, thereby, causing loss of Rs.114.06 crore to Bank of Baroda, e-corporation Bank and Union Bank of India,” the CBI said.
The agency also conducted searches at six places in Ahmedabad, Nadiad and Bavla at the premises linked to the accused.