An Ahmedabad-based firm is under the Central Bureau of Investigation (CBI) scanner for an embezzlement to the tune of Rs 46 crore.
The apex probe agency has registered a case against the private company, its directors and some unknown public servants on the allegations of causing loss of approximately Rs 46.79 crore to Union Bank of India, Ahmedabad branch.
As per the CBI FIR, 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 authorities registered the case against Greendiamz Biotech Pvt Ltd, Champat Sanghavi, Deepak and Shah. The public servants remained unidentified.
The company allegedly diverted/siphoned off funds disbursed to them through wrong information and fake documents. The company and the accused have been booked under IPC sections 420 (cheating), 120B (criminal conspiracy), and under Prevention of Corruption Act sections 13 (1) (d).
Searches were conducted at different locations in Ahmedabad at the premises of the accused, including the borrower company, which led to recovery of incriminating documents.
As per the complaint, the fraud came to light when the forensic auditor detected the issuance of bogus invoices and bills by the accused, forged books of accounts, and subsequent diversion of funds, thus defrauding the creditors.
The forensic auditor had found that Greendiamz, with “malafide intention” made payments to entities “whose business activity did not match the business of the defaulting borrower”.
This included the transfer of Rs 1.70 crore to Karnavati Associates, which is a hardware shop dealing in cement and does not match Greendiamz’s business, which deals with the manufacturing of biodegradable plastic products.
“Further payments were made by the borrower to related parties. The borrower maliciously didn’t route the amounts through the loan account and inflated the projections in the CMA (credit monitoring assessment) report,” the FIR says.
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