The CBI carried out searches at two locations in Delhi and Faridabad on Thursday after registering an FIR against Vibha Overseas Exim Pvt Ltd and its directors for allegedly causing a loss of Rs 166 crore to Union Bank of India in a bank loan forgery case, officials said.
The probe agency has booked Vibha Overseas Exim Pvt Ltd directors Alok Gupta and Vibha Gupta, and carried out searches at the residences in Delhi's New Friends Colony on and the company's office in Faridabad, they said.
It is alleged that the directors had entered into a criminal conspiracy with unidentified persons and dishonestly and fraudulently submitted false and forged stock statements and debtors lists to Union Bank of India to avail higher borrowing power, officials said.
"The directors misappropriated the money of credit limit for purchase capital assets as well as for the personal use of themselves and other accomplices, and thereby caused a wrongful loss of Rs 166.72 crore to the Union Bank of India, and corresponding gain to themselves," the CBI alleged.
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