Gandhinagar: Jagdish Dugdhalay, located in Padra area of Vadodara, has been found to have allegedly committed a fraud of around Rs 7 crore with the State Bank of India (SBI).

The Gandhinagar-based office of CBI(Central Bureau of Investigation) has filed a case against seven people for committing fraud of Rs 7.31 crore by taking a loan from SBI to buy machinery for Jagdish Dugdhalay. The seven accused include SBI’s then-chief manager, Sunil Kumar Sinha,  Jagdish Dugdhalay owner Jagdish Shantilal Patel, Hasmukh Shankarlal Patel, Messrs Ashtavinayak Technocrafts Pvt ltd, Daxeshkumar Amin, and other unidentified public servants of the bank.

As per the details of the case, Jagdish Patel, the owner of Jagdish Dugdhalay, obtained a loan of Rs 6.55 crore from SBI to purchase machinery, and Hasmukh Patel and others was mentioned as guarantor. The loan was approved by the then-chief manager Sunil Kumar Sinha. However, Jagdish Dugdhalay did not purchase any machinery. SBI conducted a forensic audit, which revealed that the accused’s loan account was declared a non-performing asset (NPA) for not paying loan installments after approval of the loan as per RBI guidelines.

The account was declared an NPA on 7th February 2021. The machinery supplier Ashtavinayak technocraft Pvt Ltd. was asked to provide actual bills for the machinery through a notice, but they did not provide the bills. They replied to the bank that the money was returned to another bank after canceling the machinery order. Thus, Jagdish Dugdhalay allegedly misused the money received from the bank. DeshGujarat