The Bank of Baroda has filed a case against a private company based at Nadiad, Gujarat of cheating the bank of Rs 114.06 crores (approximately) between the period 2010 to 2015. The case registered by the Central Bureau of Investigation (CBI) includes the directors Jayesh Tribhovandas Ganatra and Bipin Tribhovandas Ganatra, unknown public servants and some unknown private persons.
The cheating case is filed against Shri Jalaram Rice Industries Pvt Ltd by Bank of Baroda, e-Corporation Bank and Union Bank of India. The banks claim that throughout five year, the accused persons were sanctioned with various Credit facilities under consortium banking to fund one large project.
They further claim that the company had submitted false debt books to get the banks to sanction the facilities provided. The loans taken by the over false documents has caused a loss of Rs 114.06 crores to the banks involved.
Currently, the CBI is conducting investigations across six places including Ahmedabad, Nadiad and Bavla. So far, they have recovered the false documents used to get the banks to sanction the loan.