CBI books two private agricultural companies for ₹89-crore loan fraud

The accused induced Bank of India to sanction credit facilities on the basis of forged and fabricated stock statements, balance-sheets etc. and cheated the bank to the tune of Rs. 61.01 crore and ₹28.30 crore.

The CBI has registered cases against the directors of two Punjab-based private companies for allegedly cheating Bank of India to the tune of over ₹89 crore, officials said on Thursday.

Searches were conducted by CBI at various locations including Hoshiarpur, Gurdaspur, Amritsar and Pathankot (all in Punjab) which led to the recovery of incriminating documents. (AFP file)

A ₹61.01-crore fraud case has been registered against Sri Nangli Rice Mills Private Limited. Another company, Sri Nangli Agro Tech Private Limited, has been booked for an alleged ₹28.30-crore loan fraud, they said.

Vijay Kumar, Satish Kumar, Anil Kumar and Manoj Kumar are the directors of both the companies.

Two chartered accountancy firms have also been booked in connection with the cheating cases.

The accused induced Bank of India to sanction credit facilities on the basis of forged and fabricated stock statements, balance-sheets etc. and cheated the bank to the tune of Rs. 61.01 crore and ₹28.30 crore, CBI spokesperon RK Gaur said.

“Searches were conducted today at various locations including Hoshiarpur, Gurdaspur, Amritsar and Pathankot (all in Punjab) which led to the recovery of incriminating documents,” Gaur said on Thursday.