CBI raids Surat and Silvassa-based companies

Ahmedabad: The Central Bureau of Investigation (CBI) on Tuesday searched 48 locations, including some in Surat and Silvassa, in an investigation relating to bank fraud. The 16 companies embroiled in this investigation are based in Delhi, Mumbai, Ludhiana, Thane, Valsad, Pune, Pilani, Gaya, Gurugram, Chandigarh, Bhopal, Kolar, Aligarh, Fazilka, Muktsar and Bhawanigarh.The targets of the searches were various accused associated with these companies, their promoters, directors and bank officials. Searches were conducted at three places in Surat.
CBI officials said a case has been registered against Jalpa Textiles Company, based in Surat, and four others including the company director and a guarantor, based on a complaint by the Bank of Baroda. It was alleged that the company cheated the bank’s SSI Sachin branch of Rs 28.20 crore by misusing its term loan facility, between July and August 2012, in a deal pertaining to the purchase of 132 jet weaving machines.
The company bought only 84 machines, against the 132 financed by the bank. The accused persons diverted funds for non-business purposes and caused a loss the bank. The accused are Jalpa Textiles Pvt Ltd and its directors Sanjay Patel and his wife Sangeeta Patel; Satish Davra, a guarantor and Nanu Patel, a bank official.
Another case was registered against the directors of a Dadra & Nagar Haveli-based company and others, for causing a loss of Rs 69.98 crore to the Indian Overseas Bank. It was alleged that the accused conspired to defraud the bank with the company not routing its sales through TRP and CC accounts and inflating sales. Bank officials also misrepresented the manufacturing capacity of the company to the bank. The funds were used for purposes other than those sanctioned. The company also misappropriated funds generated from the sale of scrapped spindles.
CBI sources said the accused in this case are Naveen Tayal, Anand Jawar, Naresh Sharma, Trivendram Tayal, Ramkumar Tayal, Manmoham Ahuluvaliya, Praveen Kumar and Ramkumar Tayal.