The CBI has registered a case against an Ahmedabad-based chemical firm and its directors for allegedly cheating Bank of India (BoI) in loans to the tune of Rs 98.88 crore, an official said on Thursday.
The CBI-Gandhinagar on Wednesday registered an FIR against Chem Edge International Pvt Ltd (CEIPL) and five directors of the company, the official said.
Apart from this, unidentified public servants were also booked on charges of cheating and criminal conspiracy, he said.
"The company was sanctioned credit limits to the tune of Rs 65 crore by a BoI-led consortium of three banks in 2010," the FIR stated.
According to the FIR, in 2011, another consortium of seven banks led by the State Bank of India (SBI) had sanctioned credit limits of Rs 200 crore and later, the firm was again sanctioned credit limits of Rs 300 crore by a consortium of seven banks led by BoI, wherein the bank''s share was to the tune of Rs 95 crore, the FIR said.
The account of company, formerly known as Ardor Enterprises Pvt Ltd, was declared as a non-performing asset on December 2016 due to non-payment of bank dues.
A forensic audit had revealed that the "company was rotating funds within related entities indicating bogus trade", the case report stated.
Stock verification by the auditor at the company's godowns revealed that "CEIPL disposed the stock without adjusting bank dues", the FIR stated, adding that the company had caused a "wrongful loss of Rs 98.88 crore to BoI
The CBI-Gandhinagar on Wednesday registered an FIR against Chem Edge International Pvt Ltd (CEIPL) and five directors of the company, the official said.
Apart from this, unidentified public servants were also booked on charges of cheating and criminal conspiracy, he said.
"The company was sanctioned credit limits to the tune of Rs 65 crore by a BoI-led consortium of three banks in 2010," the FIR stated.
According to the FIR, in 2011, another consortium of seven banks led by the State Bank of India (SBI) had sanctioned credit limits of Rs 200 crore and later, the firm was again sanctioned credit limits of Rs 300 crore by a consortium of seven banks led by BoI, wherein the bank''s share was to the tune of Rs 95 crore, the FIR said.
The account of company, formerly known as Ardor Enterprises Pvt Ltd, was declared as a non-performing asset on December 2016 due to non-payment of bank dues.
A forensic audit had revealed that the "company was rotating funds within related entities indicating bogus trade", the case report stated.
Stock verification by the auditor at the company's godowns revealed that "CEIPL disposed the stock without adjusting bank dues", the FIR stated, adding that the company had caused a "wrongful loss of Rs 98.88 crore to BoI
Tags
National