The Mumbai Branch of Central Bureau of Investigation (CBI) has registered a case on a complaint from the State Bank of India (SBI) against a private company based in Surat, M/s Siddhi Vinayak Logistic Ltd (SVLL) and others including its Directors, unknown public servants and unknown others on the allegations of causing loss of Rs 214.11 crore to the SBI. Searches were conducted at the premises of accused persons in Surat and Mumbai which led to recovery of incriminating documents, CBI officials said on Monday.
According to the CBI, the case has been lodged after a written complaint was received from the SBI on December 01, alleging that the accused persons during the period 2009 to 2014 were party to a criminal conspiracy to cheat SBI and induced the bank to sanction term loans worth crores of rupees to SVLL and disburse the loan proceeds for purchase of 192, 348 and 465 commercial vehicles respectively.
"It is alleged in the complaint that the company had committed fraud by availing finances from the bank to purchase vehicles, many of which have not been hypothecated to SBI for finances against the vehicles already hypothecated to other banks. The make and model of some of the vehicles are different from those it was sanctioned for. The company's account was classified as NPA from November 2014 and has caused loss of Rs 214.11 crore to the bank," the CBI stated in their FIR.
A case of cheating and criminal conspiracy has been registered by the CBI under the sections of Indian Penal Code and relevant sections of The Prevention of Corruption Act.
