CBI files FIR against GB Global Ltd for alleged Rs.975.08 cr loan fraud

Former Managing Director, Purushottam Chhaganlal Mandhana, former Executive Director Manish Biharilal Mandhana, and a few others have been named by the CBI in the case

PGurus Newsdesk

September 20, 2023

Former Managing Director, Purushottam Chhaganlal Mandhana, former Executive Director Manish Biharilal Mandhana, and a few others have been named by the CBI in the case

CBI books GB Global Ltd for defrauding BoB of Rs 975 cr

The Central Bureau of Investigation (CBI) has filed an FIR against Mandhana Industries (now GB Global Ltd), a Mumbai-based firm, for allegedly committing a loan fraud of Rs.975.08 crore.

The CBI had received a complaint that led to the filing of this FIR. The complaint alleged that Purushottam Chhaganlal Mandhana, former Managing Director, Manish Biharilal Mandhana, former Executive Director, and others were involved in the loan fraud.

The firm was first granted credit facilities by the Bank of Baroda in 2008. However, the firm’s account became a non-performing asset in 2016.

Subsequently, the bank conducted a forensic audit, which revealed irregularities by the firm and its officials, including the diversion of funds to settle other debts and the discovery of a few fictitious purchases.

The bank then approached the CBI to file a case. After verifying the facts, the CBI filed an FIR and is currently investigating the matter.

[With Inputs from IANS]

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