CBI books pvt company, public servants for ‘cheating’ Bank of India of Rs 33 crore
Accused Bharatbhushan Gupta, Jaidev Gupta and Sheela Gupta, directors of Spectra Motors, allegedly conspired and availed cash credit limit of Rs 30 crore, letter of credit of Rs 6 crore and bank guarantee of Rs 50 lakh by submitting fake/fudged stock statements in connivance with public servants and others.
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CBI said the accused had allegedly diverted the loan funds with dishonest intention via various parties, which had no business relations with the firm. (Express Photo) The CBI on Friday registered a case against Spectra Motors Private Ltd, its directors and others, including unknown public servants and private persons, for allegedly causing a loss of about Rs 33.12 crore to Bank of India’s D N Road branch.
Accused Bharatbhushan Gupta, Jaidev Gupta and Sheela Gupta, directors of Spectra Motors, allegedly conspired and availed cash credit limit of Rs 30 crore, letter of credit of Rs 6 crore and bank guarantee of Rs 50 lakh by submitting fake/fudged stock statements in connivance with public servants and others.
CBI said the accused had allegedly diverted the loan funds with dishonest intention via various parties, which had no business relations with the firm.
The stock of company had suddenly reduced between September 2017 and October 2017.
It has also been alleged that the directors had removed the stocks without the knowledge of the bank, which was offered as primary security, and thereby misappropriated the sale proceeds without routing through the bank.
An alleged loss of Rs 33.12 crore was caused to the Bank of India, the CBI said.
The account was declared a non-performing asset on March 31, 2018, due to non-service of interest and non-repayment of dues and the outstanding loan account was Rs 33.12 crore as on March 31, 2018. The account was declared as fraud on July 20, 2021, the CBI said.
Earlier this week, searches were conducted at four locations in Mumbai at the premises of the accused, which led to the recovery of approximately Rs 63 lakh. A huge quantity of jewellery, including gold and diamond, gold biscuits and cash of Rs 4 lakh were also found, an officer said.
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