CBI registers case against the proprietor of Horizon Solutions, Zeba Urfi, and the guarantor Zaibun Nisa
The Central Bureau of Investigation (CBI) lodged an FIR against Horizon Solutions, after they received a complaint from the Union Bank of India (UBI) for cheating the bank by selling off mortgaged properties after its account turned non-performing asset (NPA).
The case has been registered against the proprietor of Horizon Solutions, Zeba Urfi, and the guarantor Zaibun Nisa.
A senior CBI official said that they received a complaint against Horizon Solutions, a Body Corporate constituted under the Banking Companies (Acquisition & Transfer of Undertaking) Act, and its proprietor Ms. Zeba Urfi from Union Bank of India (UBI).
“Horizon Solutions was sanctioned a secured overdraft of Rs nine crore in 2010. Later, this limit was enhanced to Rs.10.50 crore in 2012. A year later, it was again increased to Rs.15 crore.”
Horizon Solutions was engaged in the activity of supplying and installing IT hardware systems along with software on an order basis. The primary security for the overdraft was a charge on current assets, and a few immovable properties were mortgaged as collateral securities. In 2014, the account of this firm turned into an NPA,” said the official.
During the recovery process, the bank learned that a few mortgaged properties were sold by the firm. The bank approached the CBI and got an FIR lodged against the firm and the other accused.
[With Inputs from IANS]
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