CBI Tells Mumbai Sessions Court No Evidence Found Against Bank Officials In ₹140-Crore Union Bank Fraud Case

Mumbai: The Central Bureau of Investigation (CBI) on Tuesday told the sessions court that it found no evidence implicating any public servant in the Rs 140-crore cheating case lodged by Union Bank of India against Guruashish Construction Pvt Ltd, owned by Rakesh and Sarang Wadhawan.

Additional Accused Named In Final Report

In its final report, the CBI added several more accused, including Jitendra Mehta of Mehta Developers, Dinshaw Trapinex Builders, Emerald Realtors, M/s Educational and Scientific Equipment Pvt Ltd, Satyam Realtors, and Sapphire Land Development Pvt Ltd.

Earlier Chargesheet And CBI Findings

Earlier, the agency had filed a chargesheet against Guruashish Construction, its directors Sarang and Rakesh Wadhawan, and HDIL. The supplementary chargesheet now confirms that no bank officials were involved, and the court has issued a notice to Union Bank of India to respond to the CBI’s findings.

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Details Of The Alleged Fraud

According to the prosecution, Guruashish Construction and its directors allegedly cheated Union Bank of India after obtaining a Rs 200 crore term loan in October 2010, disbursed in March 2011, for the development of a 40-acre plot in Goregaon (West) as per an agreement with MHADA.

Funds Allegedly Diverted For Other Purposes

The bank alleged that the funds were siphoned off for purposes other than the sanctioned project, causing a loss of Rs 140 crore.

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