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Thursday, February 25, 2021

Vadodara: 2 booked for securing loan using forged documents

The accused also allegedly failed to repay the loan amount and the interest amounting to Rs 11.32 crore.

By: Express News Service | Vadodara |
February 21, 2021 3:52:07 am
Sayajigunj police, loan fraud, Vadodara, forged documents, vadodara loan scam, gujarat news, indian expressAccordingly, their loan from Bandhan Bank had was processed for Rs 7.5 crores, which was transferred into the company account via an online transaction.

The Sayajigunj police in Vadodara has booked two managing directors of a private firm for allegedly securing a cash credit loan amounting to Rs 7.5 crore from Bandhan Bank using forged documents. The accused also allegedly failed to repay the loan amount and the interest amounting to Rs 11.32 crore.

According to the FIR filed by the bank with Sayajigunj police station, the accused, who are managing directors of Excel Electronics, had approached Bandhan Bank in 2016 and secured a CC loan of the principal amount of Rs 7.5 crore.

As part of the section condition, the duo submitted documents pertaining to the closure of another loan they had secured from the Bank of Baroda, including the closure certificate of the same.

Accordingly, their loan from Bandhan Bank had was processed for Rs 7.5 crores, which was transferred into the company account via an online transaction.

However, the company failed to repay the short term CC loan and the outstanding amount in the stipulated time. The FIR was lodged by the Surat Range Cluster Head of Bandhan Bank.

Police Inspector Smitesh Solanki of Sayajigunj Police Station said, “The duo had forged the documents to show that they had already repaid the loan taken from Bank of Baroda by creating the exact copy of the bank’s letterhead and so they were eligible for the amount from Bandhan Bank. However, when they did not show any signs of repaying the loan, the bank conducted an investigation and ascertained their dubious track record of the company and approached the police.”

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