The Central Bureau of Investigation has registered a case against private company and others including its Directors, unknown public servants & private persons on the allegations of causing loss of Rs. 33.12 crore (approx) to Bank of India, D.N.Road Branch, Mumbai. It was alleged that the accused had conspired with each other and availed Cash Credit (hypothecation of stocks) limit of Rs.30 crore, Letter of Credit of Rs.6 crore & Bank Guarantee of Rs.50 lakh (Total around Rs.36.50 crore) by submitting fake/fudged stock statements in connivance with the unknown public servants & unknown others.
Name of the accused:
i) M/s Spectra Motors Ltd.
ii) Bharathbhusan Roshanlal Gupta, Director of M/s Spectra Motors Ltd.
iii) Jaidev V Gupta Director of M/s Spectra Motors Ltd.
iv) Sheela V Gupta Director of M/s Spectra Motors Ltd.
v) unknown public servants & private persons.
It was further alleged that the accused had diverted the loan amount/funds with dishonest intention through various parties which did not have any business relations with the said private company. The stock of said private company was suddenly reduced during September 2017 to October 2017. It was also alleged that Directors of private company had removed the stocks without the knowledge of the Bank which was offered as primary security and thereby mis-appropriated/mis-utilized the sale proceeds without routing through the Bank & they cheated the Bank. An alleged loss to the tune of Rs.33,12,18,058/- (approx) was caused to the Bank of India. The account was declared as NPA on 31.03.2018 due to non-service of interest & non-repayment of dues and the outstanding loan account was Rs.33.12 crore as on 31.03.2018. The account was declared as fraud on 20.07.2021.
Searches were conducted at 4 locations in Mumbai at the premises of accused which led to recovery of Rs. 63 lakh (approx). During locker operation, huge quantity of Jewellery including Gold & Diamond, gold biscuits and a cash of Rs. 4 lakh were also found.
Investigation is continuing.
