CBI registers FIR against Spectra Motors for causing loss of Rs 33 cr to bank
Feb 24, 2023
New Delhi [India], February 24 : The Central Bureau of Investigation (CBI) on Friday registered a case against a private company and others including its directors and others on the allegations of causing a loss of Rs 33.12 crore to the Bank of India.
The accused mentioned in the FIR were identified as M/s Spectra Motors Ltd, Bharathbhusan Roshanlal Gupta, Jaidev V Gupta, Sheela V Gupta.
All are directors in Spectra Motors Ltd. The FIR also mentioned unknown public servants and private persons as accused in the case.
It was alleged that the accused had conspired with each other and availed of a cash credit (hypothecation of stocks) limit of Rs.30 crore, a Letter of Credit of Rs.6 crore and a bank guarantee of Rs 50 lakh (total around Rs.36.50 crore) by submitting fake/fudged stock statements in connivance with the unknown public servants and unknown others.
It was further alleged that the accused had diverted the loan amount/funds with dishonest intentions through various parties which did not have any business relations with the said private company. The stock of said the private company was suddenly reduced during September 2017 to October 2017.
It was also alleged that the Directors of a private company had removed the stocks without the knowledge of the Bank which was offered as primary security and thereby misappropriated/misutilized the sale proceeds without routing through the bank and they cheated the Bank.
An alleged loss to the tune of Rs.33,12,18,058 was caused to the Bank of India. The account was declared as NPA on March 31, 2018, due to non-service of interest and non-repayment of dues and the outstanding loan account was Rs 33.12 crore as on March 31, 2018. The account was declared as a fraud on July 20, 2021.
Searches were conducted at four locations in Mumbai at the premises of the accused which led to a recovery of Rs 63 lakh (approximately). During locker operation, a huge quantity of Jewellery including gold and diamond, gold biscuits and cash of Rs 4 lakh were also found.
Further investigation is underway.
