A team of the Bhopal unit of Central Bureau of Investigation (CBI) conducted raids at six places in Gujarat in connection with a multi-crore bank fraud case. CBI has conducted raids after registering an FIR against Mehsana-based Vimal Oil and its directors in a Rs 679 crore bank fraud case.
CBI in its FIR has accused its directors Jayeshbhai Chandubhai Patel, Mukesh Kumar Naranbhai Patel, Ditin Narayanbhai Patel and Mona Jigneshbhai Acharya, for the bank fraud that took place in eight branche belonging to the Bank of India.
The CBI in its FIR has alleged that the accused had taken loans of about Rs 810 crore between 2014 and 2017 from eight banks belonging to the Bank of India. Because of this, the bank suffered a loss of Rs 678.93 crore due to the fraud committed by the company directors.
The bank fraud happened in Gujarat. In such cases, any unit of CBI can probe the case throughout the country. Hence, the Bhopal team first filed an FIR in this case and now it is also conducting raids.
CBI had conducted raids at six addresses linked to the oil company in Gujarat’s Ahmedabad and Mehsana. As part of the raids, CBI also raided the company premises and the residence of the company directors.
According to CBI, the company directors indulged in the diversion of loan funds. They were conducting a majority of sale transactions with few selected and specific parties and maintaining bank accounts outside consortium member banks, CBI said.
The CBI has accused the directors of the company of transacting sales with parties which were not in activities of trading of edible oil or manufacturing. The directors used to purchase the material for the company at inflated prices and they used to route the revenue in those banks’ accounts that were outside the consortium banks.