Face2News/Ahmedabad (Gujarat)
The Central Bureau of Investigation has registered a case on complaint from Union Bank of India, Ahmedabad (Gujarat) against a private company & its Managing Director and other unknown private person(s) & unknown public servant(s).
It was alleged that the accused was sanctioned & disbursed Term Loans of total Rs. 50.25 crore by the consortium of banks (namely, e-Corporation Bank now Union Bank of India, Union Bank of India & Central Bank of India) for establishing Sugar Factory in village Vadod, District-Surat (Gujarat) to manufacture sugar & related by-products. It was further alleged that the said accused through its Managing Director & others had cheate
d the said 03 consortium banks by resorting into misappropriation, diversion/ siphoning off disbursed Term Loan funds and caused a loss to the tune of Rs. 55.39 crore on 16.07.2022 to the said consortium banks.
Searches were conducted at 03 official & residential premises of accused, situated at Surat (Gujarat) which led to recovery of incriminating documents/articles.
Investigation is continuing.