New Delhi, Oct 29 (FN Agency) The Central Bureau of Investigation (CBI) registered a case on complaint from Bank of Baroda (BOB) against a private company based at Nadiad in Gujarat and others including its directors, unknown public servants on the allegations of cheating BOB, e-Corporation Bank and Union Bank of India Rs 114.06 crore, the agency said. It was alleged that, during the period 2010 to 2015, the accused were sanctioned various credit facilities under consortium banking.
The borrower company allegedly submitted false and fictitious book debts to induce the banks to sanction credit facilities. The loan proceeds were allegedly siphoned off by the borrower company, thereby, causing loss of Rs 114.06 crore to BOB, e-corporation Bank and Union Bank of India, said CBI. Searches were conducted on Friday at six places including in Ahmedabad, Nadiad, Bavla in Gujarat which led to recovery of incriminating documents.