Gujarat: CBI books firm for ‘causing 134-crore loss’ to Union Bank

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The Central Bureau of Investigation (CBI) Friday booked a case against a private company in Gandhidham of Kutch on Friday for allegedly causing a loss of Rs 134.43 crore to Union Bank.

According to CBI officials, a case was booked against ‘Associate High Pressure Technologies Private Limited, a company with registered office in Kandla SEZ of Kutch Gandhidham and six of its directors- Ramchand K.Issrani, Mohammad Farouk Suleman Darvesh, Srichand Satramadas Agicha, Ebrahim Suleman Darvesh, Manoharlal Satramdas Agicha and Satish Sunderdas Agicha along with unidentified public servants and others.

According to the CBI, the investigation was started at the behest of a complaint submitted by Union Bank.

“It was alleged that the said private company through its director & guarantors had misappropriated bank’s funds and diverted the same to earn a wrongful gain. It was also alleged that the company had an intention to cheat the bank as such diverted the funds through other banking channel is in contravention of the terms and conditions of the loan sanction orders,” said a statement from the CBI.

“An alleged loss of around Rs 134.43 crore (plus Interest) was caused to Union Bank of India. Searches were conducted today at the premises of the accused at 06 places in Mumbai which led to recovery of incriminating documents. Further probe is on (sic).” the statement further said.



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