CBI registers case against Indore company for defrauding banks to tune of Rs 180 crore

CBI registers case against Indore company for defrauding banks to tune of Rs 180 crore

It was also alleged that CC account turned irregular from 2014.

Staff ReporterUpdated: Wednesday, June 17, 2020, 11:25 PM IST
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The Central Bureau of Investigation has registered a case following a complaint made by State Bank of India against Indore-based private company, its three directors and unidentified public servants on the allegations of cheating and defrauding the bank to the tune of Rs 180.15 crore.

The case was registered against company directors Vijay Kumar Jain, Mahendra Kumar Jain and Devraj Jain of M/s Indison Agro Foods Limited, Indore.

It was alleged that the private company was engaged in imports, processing and trading of pulses including exports to European and Middle East countries. The company started operation in 2003.

It was further alleged that the company was sanctioned credit facilities in 2013 by consortium of banks comprising Allahabad Bank, IDBI Bank and e-SB of Patiala led by SBI.

It was also alleged that CC account turned irregular from 2014. The account was declared as a non performing asset in 2015. Searches were conducted at nine places including eight locations in Indore and one at Jodhpur at the premises of accused, which led to recovery of incriminating documents.

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