Mumbai: The Banking, Securities and Fraud Branch (BS&FB) of the CBI Mumbai has launched an investigation against a private company and its directors for allegedly causing loss of Rs121.60 crore to Bank of India.
According to CBI sources, a complaint dated June 19, 2025, had been received from Mahesh Batra, deputy general manager (recovery), Bank of India, regarding the alleged offences of criminal conspiracy, cheating, and criminal misconduct by the accused company and its directors, unknown public servants, and un known others, whereby Bank of India, Ahmedabad, Gujarat, was cheated to the tune of Rs121.60 crore as on Spetember 30, 2014, causing wrongful loss to the bank.
“It has been alleged in the complaint that the Ahmedabad-based company, engaged in manufacturing gluconate through fermentation, flavours, food colours, and fragrances for pharmaceutical, confectionery, and bakery industries, has been banking with Bank of India since 2002 under a sole banking arrangement. The credit facilities were originally sanctioned by the Bank of India on May 7, 2002. On November 13, 2015, the limits were lastly reviewed by the credit approval committee for Rs142.73 crores. The account was classified as NPA on September 30, 2014, with an outstanding amount of Rs121.60 crores,” the CBI stated in its FIR.
“After due process, a forensic audit of the accounts was carried out on the instance of the bank, prima facie finding the contents of fraud. It has also observed that the bank provided an opportunity to the borrowers for any objections against the findings of the forensic audit. The submissions made by the accused persons were heard by the bank. After reconciling the submissions made by the accused, the company’s account has been classified as fraud,” the FIR stated.
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