HYDERABAD: The Central Bureau of Investigation (CBI) officials registered criminal cases against Musaddilal Jewellers Exports Private Limited, its managing director Mohan Lal Gupta, and director Prasant Gupta — son of the former — for duping the Indian Overseas Bank to the tune of `75 crore by defaulting loan amounts.
Cases of criminal conspiracy, criminal breach of trust, cheating, forgery, using forged documents as genuine ones, and criminal misconduct by (unknown) public servants have been registered by the CBI. The case has now been handed over to the Bank Securities and Fraud Cell (BSFC) wing of the agency for further investigation.
According to CBI officials, the Musaddilal Jewellers Exports Private Limited undertakes manufacturing and retail sale of jewellery. Its office and retail shops are located at Punjagutta in the city.
“The managing director was the key person who exchanged documents with the bank. He is aware of all the transactions of the company, and so is his son,” CBI officials said.
The IOB officials also informed the CBI that certain public servants allegedly colluded with the Musaddilal Jewellers in duping the bank.