The CBI on Thursday registered a case against two directors of a Gujarat-based private firm for allegedly causing a loss of Rs.374.49 crore to Bank of Baroda during 2014-15.
Sleuths of the Central Bureau of Investigation (CBI) also conducted raids at three places -- two in Ahmedabad and one in Mumbai -- at the premises of the accused.
The probe agency filed the case against Ashish B. Jobanputra and his wife Preeti Ashish B. Jobanputra, directors of Ahmedabad-based ABC Cotspin Private Limited, on charges of criminal conspiracy, cheating and under the Prevention of Corruption Act, following allegations by Bank of Baroda.
"It was alleged that ABC Cotspin and its two directors in connivance with other unknown directors of the firm, some unknown people and three bank officials had caused a loss of Rs.374.49 crore to Bank of Baroda," a CBI official said.
The official said the company was sanctioned a packing credit facility and also a facility for foreign bills purchase and discounting.
The company showed fake 189 foreign export bills, of some materials being exported to three warehouses in China, to the bank to credit the loan, he said.
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"On verification from the concerned authorities, it was found that no export had taken place against 184 bills," the CBI official said.
"Further verification by a law firm engaged by the bank also found that stocks were unavailable in all the three warehouses in China indicated by the borrower," the official added.
The CBI in October 2015 had also registered a case against the firm over allegations of cheating a State Bank of India (SBI) branch in Ahmedabad to the tune of Rs.400 crore.