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CBI registers case related to Rs 631 cr Bank fraud

By IndianMandarins- 06 Jan 2022


New Delhi (06.01.2022): The CBI has booked Ahmedabad- based Electrotherm (India) Ltd and its four directors for allegedly cheating Bank of India to the tune Rs 631.97 crore in connection with credit facilities taken during 2012-16, CBI official said.
Besides the company, the agency also named its managing directors/ guarantors Shailesh Bhanwarlal Bhandari and Avinash Prakashchandra Bhandari, director/ guarantor Mukesh Bhanwarlal Bhandari and whole time director Narendra Babubhai Dalal in the FIR as accused, they said.
“It was further alleged that during the period 2012 to 2016, the directors of the borrower company were enjoying fund-based and non-fund based credit facilities from Bank of India.
“The forensic audit of the company, conducted by the bank, revealed that the company was allegedly involved in diversion and siphoning off funds through its subsidiary and associate companies which were having common directors,” CBI spokesperson R C Joshi said.
Following the registration of the FIR, the Central Bureau of Investigation (CBI) recently conducted searches at six locations in Ahmedabad at the premises of the accused, he said.
“The company was also allegedly involved in transactions with suspicious dealers involved in issuing false bills without actual delivery of goods. It was also alleged that the company started facing liquidity problems and failed to pay the dues to the bank. Subsequently, the account was classified as non-performing asset (NPA) with an outstanding amount of Rs 631.97 crore (approximately), thereby, causing loss to the Bank of India,” Joshi said.
In a separate case, the CBI also booked Prakasam-based B.K.Threshers Private Ltd, its chairman and five directors for allegedly cheating Union Bank of India to the tune of Rs 228.02 crore by diversion of loan funds.

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