CBI files report against a private company for defrauding Bank

New Delhi: The Central Bureau of Investigation (CBI) filed a complaint against a private company and its directors on Monday, on the allegations of defrauding the Union Bank of India for Rs 44.64 crore.

M/s Mandeep Industries and its directors and partners Ashish B Talaviya, Kishorbhai H Vaishnavi, Ramjibhai H Gajera, Kalpesh Pravinbhai Talaviya, Bhavesh M Talaviya, as well as a number of public workers and others, have been charged. According to the CBI, between 2014 and 2020, the accused conspired to persuade the Union Bank of India to grant different credit facilities, including cash credit and term loans, totaling an approximate amount of  Rs 47.30 crore,

It was further claimed that the borrower's account was later categorised as non-performing asset (NPA) on January 15, 2020, due to non-payment of interest/installments, resulting in a loss of Rs 44.64 crore (estimated) to Union Bank of India. The CBI conducted searches at seven locations, including the office of the accused and residence in Upleta and Rajkot, Gujarat, which resulted in the recovery of incriminating documents and objects. More research is being carried out.

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