CBI raids Surendranagar firm in forgery case

The Central Bureau of Investigation(CBI), Mumbai branch raided the premises of Nagindas Kasturchand & Brothers, a Surendranagar based firm, in a case of forgery amounting to Rs 146.49 crore. The complaint was filed by State bank of Saurastra.

Nagindas Kasturchand & Brothers, a partnership firm established in 1970 in Surendranagar, are cotton merchant and commission agent. The firm enjoyed a large credit limits on discount and on purchase of inland bills drawn by them on various parties.

"The company misused the facilities sanctioned to it and defrauded the bank to the tune of Rs 146.49 crore. We just came to know that the firm had cheated us since March 2003," said N P Thakkar, assistant general manager of the Surendranagar branch of State Bank of Saurashtra.

CBI officials conducted raids on the premises of the borrower firm and its work place at Surendranagar as well as in the residence of two of the bank officials.

Simultaneously , CBI officials raided the workplace of three of the associates of Nagindas Kasturchand & Brothers at Bangalore on whom bills were drawn for discounting under the inland bills discounting limits.

During the course of the raids the CBI officials have seized certain incriminating documents.