CBI files FIR against Surat-based firm and officials for ₹ 55 crore bank loan fraud

Surat: The Central Bureau of Investigation (CBI) has registered a case against a Surat-based firm namely ‘Shree Mandvi Vibhag Sahakari Khand Udyog Mandli Ltd’ for allegedly defrauding a group of banks of Rs 55.39 crore. An FIR has been filed against the firm, its managing director Ravindra Patel, and other public and private individuals involved in the case.

The central agency had conducted searches at three locations, including the residences and official premises of the accused in Surat. During the searches, incriminating documents and items were seized.

The Central Bureau of Investigation (CBI) initiated a case against a firm based on a complaint from Union Bank of India. The firm had received a loan of Rs 50.25 crore from a consortium of banks led by Union Bank of India to establish a sugar factory in Vadod village. However, the firm and its managing director allegedly misappropriated and diverted the loan funds instead of using them for the intended purpose. This fraudulent activity resulted in a loss of Rs 55.39 crore for the consortium banks, as stated in the release. DeshGujarat