Mumbai, June 23: The Special Task Branch of the Central Bureau of Investigation (CBI), Mumbai, has launched an investigation against three private firms and others for allegedly causing a loss of crores of rupees to UCO Bank.
According to the CBI, the complaint of Abhishek Singh, DGM and Zonal Head, UCO Bank, Law Department, Zonal Office, near Sanyas Ashram, Ashram Road, Ahmedabad, alleged that an Ahmedabad-based infrastructure company, represented by its directors, entered into a conspiracy with an Ahmedabad-based partnership firm and another private company through its director, along with unknown public servants of UCO Bank.
In pursuance of the conspiracy, they allegedly availed a term loan of Rs 16.80 crore from UCO Bank's Ellisbridge Branch, Ahmedabad, in March 2023 for their business of equipment leasing and rental activities in the domestic market.
The infrastructure company, through its directors, submitted a loan application along with a quotation dated February 16, 2021, for Rs 22.40 crore issued by the partnership firm.
The infrastructure company further submitted to the bank that it had already identified a lessee who agreed to take the equipment on lease for Rs 2.75 lakh per unit for 84 months and that the proceeds arising out of the business would be utilised for repayment of the term loan, for which a tripartite agreement would also be executed.
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"That the UCO Bank sanctioned the term loan and transferred Rs 16.80 crore to the bank account of the partnership firm in nine tranches towards payment for equipment. Subsequently, the borrower defaulted in repayment of the term loan and the account was declared an NPA on October 29, 2024. UCO Bank conducted a forensic audit. The forensic report dated December 12, 2024 observed various acts and offences of criminal breach of trust, misappropriation, cheating, diversion and siphoning of funds, etc., on the part of the borrower. Subsequently, the account was declared as fraud on April 19, 2025. The total loss caused to the bank is Rs 7 crore," the CBI stated in its FIR.
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