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CBI registers case against South Mumbai firm for Rs 14-crore fraud

Those against whom the FIR has been registered are M/s Agron India Ltd (AIL), whose office is located at Masjid Bunder

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The Central Bureau of Investigation (CBI) has registered a cheating case against the directors of a private company and a builder for allegedly defrauding Bank of Baroda (BoB) to the tune of Rs 14 crore.

Those against whom the FIR has been registered are M/s Agron India Ltd (AIL), whose office is located at Masjid Bunder, and its directors Sadanand Pandey, Prahlad Pandey and Ram Pandey, and a builder.

Ravinder Aggarwal, deputy general manager of BoB, has alleged in his complaint to the CBI that during 2006 -2015, the four entered into a criminal conspiracy with an intent to cheat BoB, Mandvi Branch, in the matter of availing various limits such as cash credit, term loan, packing credit and letter of credit, and so on.

“AIL and its directors created two different sets of financial statements for the years 2008-09, 2009-10 and 2010-11. Both were duly signed by the auditors. The audited balance sheet with fabricated data was submitted to BoB which enabled the company to avail credit facilities, and another set was uploaded on the sites of Ministry of Corporate Affairs and Income Tax,” Aggarwal’s complaint stated.

“The company created equitable mortgaged on a property in Mumbai as collateral security after obtaining a no-objection certificate from the builder. Later the borrower company, through a supplementary agreement with the builder, purchased another property instead of the property shown as collateral,” it stated. “It was further revealed that the builder and the company had conspired to sell the collateral to another person. This information of change of property was not shared with the bank till the account became nonperforming asset.”

'WRONGFUL LOSS'

‘In the said conspiracy, AIL released the credit facilities which were renewed from time to time. After availing the money, the company diverted the funds and caused loss of Rs 14.64 crore to the bank. We have not made any arrest so far and are probing further,’ said a CBI official

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