58 mins ago
CBI Probes Alleged ₹69-Crore Bank Fraud in Ahmedabad
The CBI is investigating a company in Ahmedabad over a large unpaid bank loan.
The bank says it lost about ₹69 crore.
The company was in the edible-oil business and had borrowed money from Bank of Baroda.
According to the complaint, the company changed its business plans and ran into money problems.
The bank also alleges that the company hid some transactions and kept two sets of financial statements.
The CBI says some transactions may have been used to move or divert money.
The company’s account became a non-performing asset in August 2021.
These are allegations being investigated, not findings of guilt.
The CBI’s Mumbai branch has opened a probe into an alleged ₹69-crore loss to Bank of Baroda.
The case concerns an Ahmedabad-based edible-oil company, its directors, guarantors, and other unidentified people.
The bank alleges that the company diverted funds, falsified accounts, and concealed related-party transactions.
The complaint says the company’s account became a non-performing asset in August 2021, with ₹69 crore outstanding.
The CBI registered a case alleging criminal conspiracy, cheating, and falsification of accounts under the IPC and Prevention of Corruption Act.
- Who
- The CBI is investigating an Ahmedabad-based edible-oil company, its directors, guarantors, and unidentified others following a complaint by Bank of Baroda.
- What
- An alleged ₹69-crore bank fraud involving fund diversion, concealed related-party transactions, and falsified accounts.
- Where
- The company is based in Ahmedabad; the CBI investigation is being handled by its Mumbai branch.
- When
- The report is dated October 5, 2026; the company’s account reportedly became a non-performing asset in August 2021.
- Why
- The CBI registered a case after Bank of Baroda alleged that loan funds were diverted and financial information was concealed.
Key facts
- Alleged loss
- ₹69 crore to Bank of Baroda
- Borrower
- An unnamed Ahmedabad-based company in the edible-oil business
- Investigating agency
- CBI Bank Security and Fraud Branch, Mumbai
- Account status
- Reportedly became a non-performing asset in August 2021
- Outstanding amount
- ₹69 crore, according to the bank’s complaint
- Alleged conduct
- Fund diversion, falsification of accounts, and undisclosed related-party transactions
- Registered allegations
- Criminal conspiracy, cheating, and falsification of accounts under the IPC and Prevention of Corruption Act
Quotes
Bank of Baroda
The bank that filed the complaint with the CBI.
“The company went for diversification from existing business without having proper tie-up for working capital hence cash flow went under stress.”
freepressjournal.in
Sources
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