Searches were conducted at four locations in Mumbai at the premises of the accused which led to a recovery of Rs 63 Lakh (approximately). During locker operation, a huge quantity of jewellery, gold biscuits and cash of Rs 4 Lakh were also found.
Mumbai,UPDATED: Feb 25, 2023 01:28 IST
CBI registered a case against Spectra Motors, including its Director Bharat Bhushan Gupta, and others on the allegations of causing a loss of Rs 33.12 crore to Mumbai’s Bank of India. (Representative Image)
By Divyesh Singh: The Central Bureau of Investigation (CBI) registered a case on Friday, against a private company, Spectra Motors, including its Director Bharat Bhushan Gupta, and others on the allegations of causing a loss of Rs 33.12 crore to Mumbai’s Bank of India.
The other accused were identified as, Jaydev Gupta, Sheela Gupta and other unknown public servants and private people from the Bank of India, D.N. Road Branch, Mumbai.
It was alleged that the accused involved in this case had conspired with each other and availed 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 around Rs 36.50 crore) by submitting fake/fudged stock statements in connivance with the unknown public servants and unknown others.
It was further alleged that the accused had diverted the loan amount/funds with dishonest intentions through various parties which did not have any business relations with the said private company. The stock of said private company was suddenly reduced from September 2017 to October 2017.
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It was also alleged that the Directors of the private company had removed the stocks without the knowledge of the Bank which was offered as primary security and thereby mis-appropriated/mis-utilised the sale proceeds without routing through the Bank, and they cheated the Bank.
An alleged loss to the tune of Rs 33,12,18,058 was caused to the Bank of India. The account was declared as Non-performing Asset (NPA) on March 31, 2018, due to non-service of interest and non-repayment of dues. The outstanding loan account was Rs 33.12 crore as on March 31, 2018. The account was declared as a fraud on July 20, 2021.
Searches were conducted at four locations in Mumbai at the premises of the accused which led to a recovery of Rs 63 Lakh (approximately). During locker operation, a huge quantity of jewellery including gold and diamond, gold biscuits and cash of Rs 4 Lakh were also found.
Further investigation is ongoing.
