Loan fraud: Realty firm booked for duping UBI of ₹98.15 crore

According to the Central Bureau of Investigation (CBI), the alleged fraud was perpetrated from 2012 to 2015, and they received a complaint in September 2022 from UBI’s Stressed Assets Management Branch based on which the case has been registered

Mumbai: A realty firm was booked recently for allegedly duping Union Bank of India (UBI), Mumbai, of ₹98.15 crore after using dubious documents to avail the bank’s credit facilities.

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According to the Central Bureau of Investigation (CBI), the alleged fraud was perpetrated from 2012 to 2015, and they received a complaint in September 2022 from UBI’s Stressed Assets Management Branch based on which the case has been registered.

The complainant alleged that from 2012 to 2015, at Pune, the firm was accused to have fraudulently availed a term loan of ₹93.15 crore from UBI. “The loan funds were further disbursed to two groups of entities of the borrower firm. Thereafter, the borrower allegedly failed to pay the instalments as well as the interest and allegedly failed to maintain the expected financial discipline,” sources said.

The loan account was classified as a Non-Performing Asset (NPA) in May 2015, with an aggregate outstanding dues of ₹98.15 crore. “It was also alleged that out of ₹93.15 crore, ₹91.02 crore was disbursed as per the Running Account Bills presented to the bank to avail disbursement. Some of those bills, which formed part of the disbursement, were prima facie, fake, and hence, their authenticity cannot be established,” the source added.

“Invoices of sub-contractors are suspected to be fake, and cost certificates are suspicious,” the source added. The borrower firm, two of its directors and unidentified public servants were booked for criminal conspiracy, cheating, forgery and misconduct by public servants.