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CBI searches 6 locations in Mumbai in Rs 134 cr bank fraud case
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SME Times News Bureau | 11 Jun, 2021
The Central Bureau of Investigation (CBI) on Friday
carried out searches at six locations in Mumbai after registering a case
of bank fraud worth Rs 134 crore against Gujarat-based Associate High
Pressure Technologies Pvt Ltd and its directors.
A CBI
spokesperson here said that the agency has booked Associate High
Pressure Technologies, its directors Ramchand K. Issrani, Mohammad
Farouk Suleman Darvesh, Srichand Satramadas Agicha, Ebrahim Suleman
Darvesh, Manoharlal Satramdas Agicha, and Satish Sunderdas Agicha, and
other unknown public servants and others on a complaint from Union Bank
of India.
In the complaint it was alleged that Associate High
Pressure Technologies Pvt Ltd, through its Directors and guarantors had
misappropriated, the bank's funds and diverted the same to earn wrongful
gain. It was also alleged that the company had an intention to cheat
the bank and as such diverted the funds through other banking channels
in contravention of the terms and conditions of the loan sanction
orders.
"An alleged loss of around Rs 134.43 crore was caused to Union Bank of India," the official said.
"Searches
were conducted today at the premises of the accused at six places in
Mumbai which led to recovery of incriminating documents," he added.
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