Surat-based Firm Booked for Rs 800 Crore Fraud

Published: 22nd August 2015 03:12 AM  |   Last Updated: 22nd August 2015 03:46 AM   |  A+A-

NEW DELHI: The CBI has registered a case against a Surat-based private firm and its five directors and others for causing an alleged loss of more than Rs 800 crore to the Bank of Maharashtra.

The agency has registered a case of forgery and cheating under the IPC and various Sections of the Prevention of Corruption Act against Siddhi Vinayak Logistics Ltd, which has its corporate office in Mumbai, and its five directors -- Roopchand Baid, Deepak Kumar Roopchand Baid, Raj Kumar Roopchand Baid, Laxmi Devi Baid and Ravi Kothari.

The agency also named five other private firms and other unknown people, including the bank officials and private persons, in the FIR on a complaint filed by the Bank of Maharashtra.

“It was alleged that during September 2012 to March 2015, directors and officials of the said firm and others had entered into a criminal conspiracy and induced the Bank of Maharashtra to sanction and disburse 2,804 vehicle loans to the firm, its employees and drivers under the “Chalak Se Malak” scheme devised by the firm on the basis of false assurances and tampered and forged vehicle registration documents,” a CBI spokesperson said.

The officer said the firm availed a credit facility aggregating to Rs 651.17 crore in the form of loans sanctioned to drivers and employees, term loans of Rs 160 crore and cash credit limit of Rs 35 crore from three branches of the Bank of Maharashtra in Pune and Surat.

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