In a case of loan fraud totaling Rs. 1.45 crore, the Enforcement Directorate on Tuesday filed a prosecution charge against M/s Laxmi Corrugated, its partners Dinesh Kumar Tripathi and Radha Dinesh Kumar, and others.
An FIR filed in Goa by the Central Bureau of probe (CBI) served as the foundation for the ED’s probe. The Indian Penal Code (IPC) and the Prevention of Corruption Act, 1988 were both referenced in the CBI’s FIR.
The FIR includes allegations of criminal conspiracy and the use of counterfeit and fraudulent documents to provide various credit facilities and loans.
These actions caused the accused to misappropriate money, which caused Allahabad Bank to suffer a large financial loss of Rs. 1.45 crore. The firm’s partners have also been charged with defrauding the bank with the aid of a bank employee who served as the branch manager at the time.
The bank employee, named as Vishal Kumar, is accused of authorising the loan amount to the business and even supplying phoney paperwork to Laxmi Corrugated in order to divert the facility to them.
They worked together to game the system by using dubious methods to obtain an MSME loan. They presented other bogus documents, including fabricated machinery quotations and false net worth certifications. This made it possible for them to get a cash credit of Rs. 45 lakh and an MSME term loan of Rs. 90.5 lakh from the bank.
The ED took this move after seizing the company’s assets, which included commercial plots, buildings, machinery, and other items located in Cuncolim, Goa, for a total of Rs 1.67 crore. Additionally, as part of the investigation, movable assets like a car and bank deposits were also taken.
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