The CBI on Friday booked a Gujarat-based firm for bank fraud allegedly amounting to Rs 40.72 crore.
The CBI registered a case based on a complaint from the Bank of Baroda, Regional Office, Vadodara against a private company based at Vadodara and others including its Partners/Guarantors, unknown public servants and unknown others on allegations of causing a loss of Rs 40.72 crore to the bank.
The bank alleged that in five years from 2017 to 2021 the accused were sanctioned various credit facilities by Bank of Baroda(BoB) However, the company neither submitted stock statements nor CA certified book debts to the bank.
Further, the goods/stocks hypothecated with the bank were not allegedly available with the borrower company at the time of Unit inspection carried out by the bank.
BoB also alleged that the company had falsified/manipulated the books of accounts to avail of credit facilities from the bank and diverted the funds, causing a loss of Rs 40.72 crore to the public sector bank (PSB).
Searches were conducted at five locations including at Vadodara and Ahmedabad at the premises of the accused which led to recovery of incriminating documents.
Bank has offered Credit facility for 5 years with out inspection of inventories has raised scam charges over officers inside bank
