Mumbai News: EOW Registers Case Against Two Businessmen For ₹12.47 Crore Bank Fraud

Mumbai: The Economic Offences Wing (EOW) of the Mumbai Police has registered a case against two businessmen, Siddharth Chimanlal Shah and Ankit Vinay Shah, for allegedly defrauding Zoroastrian Co-operative Bank’s Fort branch of over ₹12.47 crore.

According to the FIR, the accused had availed loans of ₹15 crore for working capital and ₹14 lakh for vehicle purchase from the bank. However, instead of utilizing the sanctioned amounts for company operations, they allegedly hatched a conspiracy to divert the funds.

The EOW stated that the accused misled the bank, misused the loan amount, and fraudulently sold hypothecated stocks and book debts without the bank’s permission, concealing the transactions from bank authorities.

It is further alleged that the proceeds from these sales were diverted into accounts of other companies and directors linked to the accused. The funds were then allegedly used for their personal benefit, causing financial losses of ₹12.47 crore to the bank.

The FIR was registered at the MRA Marg Police Station, and the investigation has been handed over to the Economic Offences Wing (EOW).

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