According to CBI officials, an FIR has been lodged against Mandeep Industries for defaulting on cash credit and term loans taken from the Union Bank of India between 2014 and 2020.
The Central Bureau of Investigation (CBI) has registered a case of fraud against the directors of Rajkot-based Mandeep Industries for allegedly cheating the Union Bank of India to the tune of Rs 44.64 crore.
According to CBI officials, an FIR has been lodged against Mandeep Industries, a company involved in edible oil extraction, for defaulting on cash credit and term loans taken from the Union Bank of India between 2014 and 2020.
The CBI has booked the directors of Mandeep Industries, Ashish Talaviya, Kishorbhai H Vaishnavi, Ramjibhai H Gajera, Kalpesh Talaviya, Bhavesh M Talaviya, and unidentified public servants in an FIR at Gandhinagar.
“It was alleged that during the period 2014 to 2020, the accused in pursuance of conspiracy induced the Union Bank of India to sanction various credit facilities including Cash Credit and Term Loans amounting to Rs.47.30 crore(approx). It was further alleged that the account of the Borrower was later classified as non-performing asset on 15.01.2020 due to non-servicing of interest/instalments, thereby, causing a loss of Rs.44.64 crore to the Union Bank of India. Searches were conducted at 7 places… which led to recovery of incriminating documents,” said an official statement from the CBI.
The CBI action comes after the Ellisbridge branch (Ahmedabad) of the Union Bank of India on July 22, 2021 announced auction of the assets of Mandeep Industries and its directors for defaulting on the credit taken.
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