CBI raids 7 locations in Gujarat, Maharashtra, Karnataka in 2 bank fraud cases

The Central Bureau of Investigation (CBI) on Friday carried out searches at seven locations in Gujarat, Karnataka and Maharashtra in connection with two separate bank fraud cases.
A CBI official here said that the agency carried out searches at four locations in Ahmedabad and Anand in Gujarat on the office and residential premises of Sayona Colours Pvt Ltd and its Managing Director Paresh Dayalbhai Patel, Shamrock Chemie Pvt Ltd in connection with cheating the State Bank of India to the tune of Rs 71.88 crore.

The case registered by the CBI is based on the complaint of the SBI. The case was registered by CBI on December 7 this year.

In the complaint it has been alleged that Sayona Colors Pvt Ltd and Shamrock Chemie Pvt Ltd, Patel cheated the erstwhile State Bank of Patiala and State Bank of Mysore through manipulated books of accounts and diversion of funds.

While in the another case the CBI carried out searches at three locations in Ahmedabad, Mumbai and Bengaluru in connection with Rs 57.28 crore fraud case against Bank of Baroda.

The CBI alleged that Technova Plastic Industries Pvt Ltd (TPIPL), its managing director Ahsan Hassan Darvesh, company's director Talib Hassan Darvesh, Assistant Director Abdul Habib and unknown others cheated the bank to the tune Rs 57.28 crore. The CBI registered a case on December 2.

The bank in its complaint alleged that TPIPL and its officials in pursuance of criminal conspiracy and with dishonest intention of causing loss to the bank and wrongful gain to themselves diverted siphoned off and misappropriated bank funds from working capital and term loans by giving advances or loans, making payments against huge purchases from related parties and investing in equity shares and other investments in related companies.


During the searches, the CBI recovered several incriminating documents. - IANS