In a case filed on Friday, the Central Bureau of Investigation (CBI) accused Spectra Motors, its director Bharat Bhushan Gupta, and others of defrauding Mumbai’s Bank of India, resulting in a loss of Rs 33.12 crore.
The other accused were identified as Jaydev Gupta, Sheela Gupta, and other unknown employees of the government and members of the general public from the Bank of India’s D.N. Road branch in Mumbai.
The accused in this case are accused of working together to submit fictitious or false stock statements in order to obtain a cash credit (hypothecation of stocks) limit of Rs. 30 crore, a Letter of Credit of Rs. 6 crore, and a Bank Guarantee of Rs. 50 lakh (total of around Rs. 36.50 crore).
Furthermore, it was alleged that the accused had misappropriated the loan proceeds and funds by using a number of parties who had no business dealings with the above said private company. From September to October 2017, the price of said private company’s stock was abruptly decreased.
Additionally, it was claimed that the directors of the private company removed the stocks that were offered as primary security without the knowledge of the bank, misappropriated or improperly used the sale proceeds without going through the bank, and defrauded the bank.
It is claimed that the Bank of India suffered a loss of Rs 33,12,18,058. Due to non-service of interest and non-repayment of dues, the account was designated as a Non-Performing Asset (NPA) on March 31, 2018. As of March 31, 2018, the balance on the outstanding loan account was Rs 33.12 crore. On July 20, 2021, the account was declared fraudulent.
Four locations in Mumbai were searched at the accused’s residences, and 63 lakh rupees were recovered as a result (approximately). A significant amount of jewellery, including gold and diamond pieces, gold cookies, and $45,000 in cash, were also found during the locker operation.
There is still more to look into.
Post Your Comments