Mumbai: The CBI has registered a case of criminal conspiracy, cheating, criminal breach of trust and criminal misconduct against an Indore-based pharmaceutical company and its Mumbai-based directors for allegedly causing loss of Rs38.83 crores to Bank of Baroda.
According to the CBI, a written complaint dated June 28, 2023, was received from the complainant, Mukesh Anand Mehra, assistant general manager (regional head), Bank of Baroda, requesting an Investigation against the accused borrowing company, its directors, unknown public servants and private persons.
Fraud committed between 2008 and 2013
“The company was engaged in the manufacturing and marketing of a range of herbal, nutraceutical and pharmaceutical products with a presence across international markets. The bank in its complaint has alleged that the fraud was committed between the period of 2008 and 2013,” a CBI official said.
“The bank has further alleged that the company with dishonest intention and in criminal conspiracy with unknown public servants, private persons did not route all the business transactions from the cash credit account maintained with the bank and diverted, siphoned off the funds for purpose other than for which the loan was sanctioned. The account was classified as NPA on March 31, 2013,” the official said.
