CBI books yet another case against Siddhi Vinayak Logistics, others

They have allegedly cheated Union Bank of India of ₹97.19 crore

The Central Bureau of Investigation has registered yet another case against Siddhi Vinayak Logistics Limited (SVLL) and others for allegedly cheating the Union Bank of India of ₹97.19 crore.

The agency has named Roopchand Baid, Laxmidevi Baid, Rajkumar Baid and Deepak Kumar Baid as accused in the case, on a complaint from the bank that had extended loans over ₹102 crore to the company in September 2012 for the purchase of 337 commercial transport vehicles.

SVLL offered mortgage of commercial property and hypothecation of 47 unencumbered vehicles as collateral security for the loan. It submitted copies of registration certificates of 47 vehicles for the purpose. The company finally bought 416 vehicles against the revised total of 432 and submitted a list of vehicles.

Forged certificates

The loan account was restructured by the bank on SVLL’s request in December 2014. The next year, the bank found that the accused persons had pledged the same vehicles to more than one lender to get credit facilities. As it turned out, registration certificates of 27 vehicles were forged. The loan account was designated as non-performing asset in October 2015.

In October this year, the CBI had booked SVLL and others for allegedly cheating the erstwhile Andhra Bank of more than ₹89 crore. The company had taken loans of ₹2,000 crore from 13 banks and is currently being investigated by multiple agencies.

Last year, the Enforcement Directorate attached 6,170 vehicles worth over ₹1,600 crore in a money laundering case involving SVLL. In June 2017, assets worth about ₹20 crore were also attached.

The CBI had registered the first case against SVLL and others in August 2015, in connection with ₹800 crore taken in loans from the Bank of Maharashtra for its “Chalak Se Lalak” scheme. It is alleged that the funds were diverted. Another case against the company was instituted in September 2018.

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