Mumbai: CBI books private company, current & ex-directors in Rs 24 cr cheating and forgery case

The Economic Offences Branch (EOB) of the Mumbai Unit of Central Bureau of Investigation (CBI) has registered a case of cheating and forgery against a private company for allegedly causing wrongful loss of Rs 24.50 crore to the Union Bank of India (UBI).

According to the CBI, a complaint was received from the assistant general manager of the UBI stating that during the period from 2013 and 2019, a private company, its two current and two former directors and unknown public servants had entered into a criminal conspiracy with an intent to cheat UBI in the matter of availing credit limit in the name of the company to the tune of Rs 30.50 crores. The company was incorporated in October 2010 and was established primarily to deal in pharmaceutical products.

"In pursuance of the said conspiracy, the accused persons had submitted false and fabricated stock statements with false debtors lists and thereby induced the bank to disburse the loan proceeds. It is also disclosed that the borrower company and the accused persons diverted the loan proceeds in to various associated/related/tie-up establishments without any business dealing with them," the CBI's FIR stated.

"Due to the non-payment of bank dues, the account was classified as non-performing account in March 2019, with an outstanding amount of Rs 24.50 crore with an object to cheat the bank while availing credit facilities which was diverted without its end utilisation by way of falsification of information documents and thereby caused wrongful loss to the bank and corresponding wrongful gain to themselves," the FIR stated.

The agency has registered a case under sections 120B (criminal conspiracy), 420 (Cheating and dishonestly inducing delivery of property), 468 (forgery for purpose of cheating) and 471 (using as genuine a forged document or electronic record) of The Indian Penal Code and relevant sections of The Prevention of Corruption Act.

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