1 week ago
CBI Books Navi Mumbai Firm In Alleged ₹15 Crore Fraud
The CBI has accused a Navi Mumbai company and its two partners of cheating Canara Bank.
The bank gave the company a ₹15 crore loan in 2017.
The money was meant to build a cold storage facility and install 40 milk-chilling plants.
Investigators allege that the company used inflated price quotations to obtain the loan.
They also allege that not all the planned plants were installed.
Some money was allegedly sent to related companies instead of being used for the project.
The company stopped making repayments in 2019, and the loan account became a non-performing asset.
The CBI says the alleged actions caused Canara Bank a loss of ₹15 crore.
The CBI’s Mumbai Economic Offences Branch registered a case against a Navi Mumbai firm and its two partners.
Canara Bank sanctioned a ₹15 crore term loan in August 2017 for a cold storage project and 40 Bulk Milk Chilling plants.
The company allegedly submitted inflated quotations and failed to install all the plants with the required capacity.
The CBI alleges that loan funds were diverted to group and sister concerns instead of being used for the approved project.
Repayments began in May 2019 but were defaulted on, and the account became a non-performing asset in August 2019.
- Who
- The Central Bureau of Investigation’s Mumbai Economic Offences Branch, Canara Bank, a Navi Mumbai-based firm and its two partners.
- What
- The CBI registered a case alleging that the firm and its partners fraudulently obtained and diverted a ₹15 crore bank loan.
- Where
- Navi Mumbai and Mumbai.
- When
- The loan was sanctioned in August 2017; repayments began in May 2019, defaulted thereafter, and the account became an NPA in August 2019. Canara Bank reported it as fraud to the RBI in April 2024.
- Why
- The CBI alleges that the borrowers used false and inflated quotations, failed to create the approved assets, and diverted funds to other purposes.
Key facts
- Alleged loss
- ₹15 crore
- Bank
- Canara Bank
- Investigating agency
- Central Bureau of Investigation, Mumbai Economic Offences Branch
- Loan sanction
- August 2017
- Approved project
- Cold storage facility and 40 Bulk Milk Chilling plants
- Account status
- Repayments were defaulted; the account became an NPA in August 2019
- Fraud reporting
- Canara Bank reported the account as fraud to the RBI in April 2024
Sources
Related news
CBI Registers Fraud Case Against Navi Mumbai Firm, Directors
CBI Books Nagpur Bio-Fertiliser Firm, Directors for ₹7.76 Crore Fraud
Indore CBI Court Sentences 13 in UCO Bank Fraud
CBI Books Gensol, BluSmart Founders Over Alleged IREDA Losses
Xrbia Promoters Booked in Alleged ₹1,558 Crore Fraud
NMMC Launches Navi Mumbai Drive to Protect Existing Trees
IWSA Opens Learning Garden Museum To Promote Urban Biodiversity
USFDA Warns Reliance Life Sciences Over Navi Mumbai Drug Lapses
Mumbai Warehouse Found Relabeling Exported Maggi, Lay’s and Kurkure Packs
Bombay High Court Rejects Split Legal Challenges to Redevelopment
