CBI registers case against Gujarat firm for loan fraud

The Central Bureau of Investigation on Friday registered a case against a Gujarat-based firm and its directors for allegedly causing a loss of Rs 134.43 crore to the Union Bank of India through misappropriation and diversion of loans.

The central agency conducted searches at six places in Mumbai which led to the recovery of incriminating documents, it said in a release here.

An FIR has been registered against Associate High Pressure Technologies Pvt Ltd, a company based in Gandhidham, Kutch, it said, adding that it names Ramchand K Issrani, Mohammad Farouk Suleman Darvesh, Srichand Satramadas Agicha, Ebrahim Suleman Darvesh and unknown public servants and others. As per the complaint filed by the public sector bank, the company misappropriated the funds and diverted them through other banking channels in violation of the terms and conditions of the loans sanctioned by the Union Bank.

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