CBI registers case against Gujarat company for loan fraud – cbi registers case against gujarat company for loan fraud

CBI registers case against Gujarat company for loan fraud – cbi registers case against gujarat company for loan fraud

Ahmedabad, Jul 11 ​​(PTI) The Central Bureau of Investigation (CBI) on Friday registered a case against a Gujarat-based company and its directors for causing loss of Rs 134.42 crore to state-run Union Bank of India by misappropriating loans.

In a release, the CBI said that the probe agency conducted searches at six locations in Mumbai, in which important documents related to the disturbances were recovered.

An FIR has been registered against Associate High Pressure Technologies Pvt Ltd, a Gandhidham based company in Kutch. It contains the names of Ramchand K Israni, Mohammad Farooq Suleman Darvesh, Srichand Satramdas Agicha, Ibrahim Suleman Dervish and unknown public servants and others.

According to the complaint filed by Union Bank, the company misappropriated funds and diverted through other banking channels in violation of the terms and conditions of the loan sanctioned.

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