New Delhi: The CBI has lodged a new case of bank loan fraud of Rs 55.27 crore against fugitive businessman Mehul Choksi, his firms and others.
The CBI official said that they have registered a case on complaint from Canara Bank against Mumbai based Bezel Jewellery (India) Pvt. Ltd, Mehul Chinubhai Choksi; Chetna Jayantilal Jhaveri; Dinesh Gopaldas Bhatia and Milind Anant Limaye, all directors of the firm, unknown public servants and unknown others on the allegations of causing loss of Rs 55.27 crore to the Canara Bank.
Bezel Jewellery (India) Pvt. Ltd was sanctioned Working Capital Facility of Rs 30 crore and Rs 25 crore respectively, by Canara Bank and Bank of Maharashtra under consortium arrangement.
The loan was sanctioned for the manufacturing and sales of gold and diamond studded jewellery.
The funds of the bank was used by the company to repay its long term borrowings.
In the initial year of availment of limit, the company repaid its long term borrowing of Rs 18 crore to its parent company and thereby diverted entire limit of Rs 10 crore of Canara Bank to the parent company on the date of availment of loan itself.
“It was learnt that the company has not routed any of the business transactions through the account and the transactions which do appear in the account were with their group concerns only, indicating diversion of funds. Further a bank guarantee of Rs 20 crore which was being availed from HDFC Bank was also invoked and the same was paid by Canara Bank by converting the Non-Fund Based limit to fund Based limit. Bezel Jewellery (India) Pvt. Ltd entered into fraudulent transactions and defaulted in payment obligations towards the banks by diverting & siphoning off the banks’ funds in conspiracy with others causing a loss of Rs 55.27 crore to the banks,” the CBI said.
The CBI conducted search operations at three premises of the accused in Mumbai which led to recovery of incriminating documents and articles.
Meanwhile, another case was registered on complaint from Union Bank of India against Mumbai based Paramshakti Steels Ltd, and its Directors, Rajendra Kumar Choudhary; Pankaj A Ranka and Sumeet O Ahuja and others for causing loss of Rs 35.89 crore to the Union Bank of India.
Paramshakti Steels Ltd and accused, during the period 2014 to 2016 cheated Union Bank of India to the tune of Rs 35.89 crore in the matter of availing irrevocable LC (Letter of Credit) of Rs 40 crore in favour of another company based in Mumbai.
The Motor Lorry Receipts of a private company at Mumbai lodged by the accused as part of LC documents were found to be bogus.
Moreover, the inspection carried out by the bank revealed no stock, employees left etc.
“Searches were conducted today at 10 locations including in Mumbai, Nagpur and Thane at premises of the accused which led to recovery of incriminating documents, articles,” the CBI said.