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Wednesday, January 27, 2021

Rajkot: Case against 5 persons, 2 firms for duping IDBI bank

According to police, as per the arrangement with the bank, the stock of cotton was then kept in a godown in Rajkot which was stored under the security arrangements of NCML company and Pioneer security company.

By: Express News Service | Rajkot | January 8, 2021 2:56:19 am
idbi 1200According to officials, five accused persons- all residents of Rajkot had procured a loan of Rs 3.18 crore from IDBI bank in Rajkot to purchase 3055 bales of cotton in 2018 to start their business. (File)

The Gujarat Crime and Investigation (CID) Crime and Railways has booked a case of fraud against five persons and two private companies for allegedly duping IDBI bank in Rajkot of Rs 3.18 crore by seeking a loan for buying bales of cotton and then staging a fire accident at the godown to claim insurance benefits.

According to officials, five accused persons- Kalpesh Vaghasiya, Bhavesh Vaghasiya, Dalshu Damsiya, Magan Damsiya and Hansa Vekariya- all residents of Rajkot had procured a loan of Rs 3.18 crore from IDBI bank in Rajkot to purchase 3055 bales of cotton in 2018 to start their business. According to police, as per the arrangement with the bank, the stock of cotton was then kept in a godown in Rajkot which was stored under the security arrangements of NCML company and Pioneer security
company.

“However neither the NCML nor Pioneer provided any security personnel or arrangements at the godown and under a pre-planned conspiracy, the accused group set fire to the godown and destroyed the cotton in order to defraud the bank and get insurance claims.Based on a complaint by the IDBI bank, we have booked a case of fraud, forgery, criminal breach of trust, arson, giving false information against the seven accused including two companies,” said an officer of CID Crime.

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