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CBI books Gujarat firm’s directors for ‘swindling’ Bank of India out of Rs 631.97 crore

🔴 A statement from the premier investigative agency alleged that a forensic audit by the bank revealed the directors had diverted credit facilities availed of from it to subsidiaries or associate companies having common directors.

By: Express News Service | Ahmedabad |
January 6, 2022 5:46:03 pm
CBI officials had raided six places linked to the company in Ahmedabad on Wednesday. (File)

The CBI has booked directors of Gujarat-based Electrotherm India Limited for allegedly causing a loss of Rs 631.97 crore to Bank of India (BOI) from 2012 to 2016 by diverting funds.

The case was registered on the nationalised bank’s complaint against director Mukesh Bhandari, managing director Shailesh Bhandari, managing director Avinash Bhandari and whole-time director Narendra Dalal along with unnamed public servants and other individuals after CBI officials raided six places linked to the company in Ahmedabad on Wednesday.

A statement from the premier investigative agency alleged that a forensic audit by the bank revealed the directors had diverted credit facilities availed of from it to subsidiaries or associate companies having common directors. The company is also accused of getting false bills issued from suspicious dealers for goods not delivered. As the company failed to pay dues to the bank, its account was classified as a non-performing asset with an outstanding amount of Rs 631.97 crore, the statement said.

In February 2021, the state Goods and Services Tax officials recovered more than 900 bottles of illicit liquor and unaccounted-for live cartridges on the company’s premises in Gandhinagar during a raid in connection with an alleged bonus billing scam.

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