HYDERABAD: The Central Bureau of Investigation has registered a case against the chairman and managing director of a city-based private company and eight others, for cheating the State Bank of India of nearly `65.39 crore.
CBI on Tuesday said that a complaint from regional office of SBI stated that Jay Ambe Gowri Chem limited company has availed loans from the SBI since 2009. The chairman of the company is Narendra Kumar Patel.
The credit facilities included cash credit, term loan and letter of credit. The account of the company became a non-performing asset on April 30, 2014, and was subsequently declared as a fraud. The issue was reported by the bank to the Reserve Bank of India in October 2016.
It is also alleged that the company had removed the stocks without the consent of the bank and the claims over the properties given as collateral were disputed. Heavy cash deposits and withdrawals also took place. Following this, searches were conducted at three places in the city.