Gujarat Exclusive > Gujarat news > CBI searches office of Mehsana-based Vimal Oil in Rs678.93 cr fraud case

CBI searches office of Mehsana-based Vimal Oil in Rs678.93 cr fraud case

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The CBI on Tuesday carried out searches at six locations of Mehsana-based Vimal Oil. The directors of the company are accused of defrauding the Bank of India of Rs678.93 crore. CBI officials conducted searches at the premises of the company in Ahmedabad and Mehsana. Offices and residents of the directors were also searched.

Directors Jayeshbai Patel, Mukeshkumar Patel, Ditin Patel, and Mona Acharya are named as accused in the FIR. The accused were allegedly sanctioned credit facilities amounting to Rs 810 crore by a consortium of eight banks led by the Bank of India.

The CBI said the directors are accused of cheating the consortium during the period from 2014-2017 through malafide activities.

The directors allegedly diverted the loans and also carried out most sale transactions with certain selective parties to accommodate each other’s business interests and also maintained bank accounts outside the consortium member banks.

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The directors also used the loan for things other than what it was sanctioned for in this case trading in edible oil. They also allegedly bought materials at inflated prices to route revenue proceeds through banks other than the consortium.

CBI & other bank fraud cases by Gujarat cos

The CBI had in December last year carried out similar searches at five locations in Surat and Navsari in connection with a case involving Surya Exim Ltd. The company and its directors were booked for bank fraud of Rs121 crores during 2017-19. The CBI got involved after a complaint from Canara Bank which was the lead bank in the consortium that gave a loan to the company.

It was alleged that between 2017 and 2019 the directors conspired to cheat the consortium of banks including Canara Bank to the tune of Rs21.05 crore through forgery and diversion of funds.

 

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