The Central Bureau of Investigation (CBI) has registered a case against a private company based in Una (Himachal Pradesh) and its directors, along with unknown persons for a loan fraud amounting to Rs 9.85 crore.
Searches were conducted at four locations belonging to the accused and the company in Una, Kangra, etc., which led to the recovery of incriminating documents.
Funds diverted to other accounts
The directors of the said private company allegedly entered into a conspiracy among themselves and others during the years 2017-2018. In pursuance of this conspiracy, they obtained a credit facility in the form of a term loan of Rs. 9.85 crore (approximately) from UCO Bank, Mandi, for the construction of a showroom, purchase of plant & machinery, and other allied items. Instead of creating the said assets, the accused allegedly cheated the bank and siphoned off/diverted the funds to other accounts maintained with different banks under their control.
The investigation is currently ongoing.
