Ahmedabad: The CID Crime Branch has registered a case against three partners of Ahmedabad-based Zenith Corporation for allegedly securing loans worth over ₹40 crore from multiple banks by submitting inflated stock statements, false financial records, and misleading business information.

The complaint was lodged by an official of Axis Bank, which had extended a cash credit facility of ₹5 crore to the firm. According to the complaint, the loan account later turned into a non-performing asset (NPA) after the company failed to service its dues.

It is alleged that Zenith Corporation, a partnership firm located on Thaltej Road, opened a cash credit account with Axis Bank’s Law Garden branch by mortgaging two plots in Kalol’s Nasmed village. While the firm initially repaid the loan instalments, it allegedly failed to pay interest on time, prompting the bank to classify the account as an NPA.

A forensic audit conducted by the bank for the period between 2021 and 2024 reportedly uncovered multiple irregularities. The audit found that the firm had allegedly inflated receivables, shown excess coal stock, misrepresented sales transactions, and falsely claimed that goods were lying at ports without producing supporting evidence. Investigators believe these discrepancies were used to enhance the firm’s drawing power and obtain higher credit limits from banks.

According to the complaint, Zenith Corporation availed loans of ₹5 crore from Axis Bank, ₹9.75 crore from HDFC Bank, ₹8 crore from State Bank of India, and ₹18 crore from Rajkot Cooperative Bank. Including interest liabilities, the outstanding amount is estimated at ₹41.44 crore.

The investigation further revealed that one of the partners, Manish Dangi, allegedly diverted nearly ₹10 crore from the company’s bank accounts to accounts belonging to family members for personal gain. The other partners, identified as Girish Goyal and Hemant Dangi, were also actively involved in the firm’s operations.

Police suspect that the accused created multiple business entities and allegedly used fabricated financial data to obtain large loans, which were subsequently not repaid. The CID Crime Branch has registered an FIR and launched a detailed investigation into the alleged bank fraud. DeshGujarat