The Central Bureau of Investigation (CBI) has registered a case against Mumbai Bharatiya Janata Party (BJP) general secretary Mohit Bharatiya and others for allegedly cheating Bank of India of ₹57 crore, officials said Wednesday.
The CBI teams conducted searches at five locations in Mumbai, including the residence and office of Bharatiya.
According to the CBI FIR, the accused had diverted funds from the bank to different companies, including one owned by a renowned Bollywood producer.
Bharatiya was the guarantor and managing director in Avyan Overseas Pvt Ltd, engaged in manufacturing and export of handcrafted gold jewellery to Dubai, Singapore, Hong Kong and other countries.
According to CBI, between 2013 and 2018, the Avyan Overseas and its managing director Bharatiya, along with an unknown public servant, entered into an agreement with the bank’s Mid Corporate Branch in Fort, with an intention to cheat through FB purchase/ Foreign Bills Negotiation Limit and Export Packaging Credit Limit facilities worth Rs.60 crore (approx.) extended to the firm.
“In pursuance of the conspiracy, the said private company allegedly got it (Rs 60 crore) sanctioned and got it released. It was further alleged that after availing the said limits, the accused company diverted the funds and prepared forged and fabricated documents in support of the claim. An alleged loss to the tune of Rs 57.26 crore (approx) was caused to Bank of India,” CBI Spokesperson R K Gaur said.
{{/usCountry}}“In pursuance of the conspiracy, the said private company allegedly got it (Rs 60 crore) sanctioned and got it released. It was further alleged that after availing the said limits, the accused company diverted the funds and prepared forged and fabricated documents in support of the claim. An alleged loss to the tune of Rs 57.26 crore (approx) was caused to Bank of India,” CBI Spokesperson R K Gaur said.
{{/usCountry}}The bank had declared the loan as a Non Performing Asset on March 31, 2015 due to non-servicing of interest and continuous overdues position of bills.
The Head Office fraud monitoring Unit of the bank red flagged the account ordering a forensic audit by Ernst and Young, the bank said in its complaint to the CBI.
In the forensic audit report submitted on March 31, 2017, it was pointed out that there was a diversion of loan funds to a sister concern, to other companies and there was even a flat purchase agreement between the wife of Kamboj and a construction company owned by a noted film producer.
Kamboj told HT – “Compromise in the above loan account has been done in 2018 by paying Rs 30 crore as one-time settlement of dues. I have also received no dues certificate from the Bank of India in March 2019. I don’t know why the bank has gone ahead with this complaint, after two and a half years of clearing all the dues. Nevertheless, I will cooperate with the CBI probe as I have full trust in them”.