Ahmedabad-based private firm Greendiamz Biotech Pvt Ltd, three of its directors booked for loan fraud
The Central Bureau of Investigation (CBI) has registered a case against Greendiamz Biotech Pvt Ltd, a private company based in Ahmedabad, along with its directors and unknown public servants for allegedly causing a loss of Rs.46.79 crore to Union Bank of India.
A written complaint from Lokesh Sharan, Assistant General Manager at the Union Bank of India, Ahmedabad dated March 8, 2022, had alleged the company Greendiamz Biotech Pvt Ltd and three of its directors — Champat Rikhabchand Sanghavi, Deepak Champat Sanghavi, and Ashwin R Shah — in conspiracy with unknown officials of the bank, cheated and violated the bank’s norms, to commit fraud to the tune of Rs.46.79 crore.
The directors of the firm Champat Rikhabchand Sanghavi, Deepak Champat Sanghvai, Ashwin R Shah, and unknown others have been booked by the CBI.
The accused have been charged under IPC sections 420 (cheating), 120B (criminal conspiracy), and under Prevention of Corruption Act sections 13 (1) (d).
A CBI official said that the accused siphoned funds disbursed to them through falsification of information and committed the offence of criminal breach of trust, cheating, and misappropriation of public funds in connivance with one another.
Searches were conducted at different locations at the premises of the accused in Ahmedabad, including the borrower company, which led to the recovery of incriminating documents.
[With Inputs from IANS]
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