CBI registers case against 2 cos over bank fraud, raids several locations

The Central Bureau of Investigation (CBI) on Wednesday said it has registered a case against a Surat-based private company and others including its 17 former office bearers and Directors, and unknown public servants on allegations of cheating Union Bank of India to the tune of Rs 43 crore.

A CBI official said that it registered a case against Surat Mandvi Vibhag Sahkari Krishi Udyog Mandli Ltd (SMVSKUML) and others for cheating the Union Bank of India to the tune of Rs 43 crore between 2013-15.

It said that it was further alleged that Union Bank of India had sanctioned loans worth Rs 40 crore under Union Green Card Scheme in the names of 1,728 farmer members of the said company or society and the said loan amount was disbursed into the current account of said company or society, which did not further distribute the said amounts or equivalent raw materials to the farmers.

The said loan accounts became NPAs.

The CBI conducted searches at five locations in Surat including office and residential premises of the accused.

The official said that the agency registered another case against a Hyderabad-based private company and others including its MD, ED, Director, valuer, advocate and unknown public servants of IFCI Ltd on allegations of fraud in IFCI Ltd.

It was alleged that Trinethra Infra Ventures Ltd and others through its Directors fraudulently got sanctioned factoring facility for Rs 15 crore from IFCI Factors Ltd and availed an amount of Rs 8 crore by way of execution of a purchase bill factoring agreement and further submitted false and forged documents in respect of two immovable properties as mortgage in favour of IFCI carrying wrong valuation report of the valuer and false title report.

The official said that it was further alleged that the accused including unknown public servants and IFCI Ltd entered into conspiracy during the period 2010-12 and defrauded the IFCI Ltd to the tune of Rs 11.77 crore.

The agency sleuths carried out searches at the residential and office premises of accused including at Hyderabad, Eluru, Rajam, Benguluru which led to recovery of several incriminating documents.