Businessman Denied Relief in Multi-Crore Bank Scam Case

A special CBI court dismissed Premal Goragandhi's plea to discharge him from a multi-crore loan scam involving Indian Overseas Bank. The court found prima facie evidence of involvement in bank fraud and forgery. The scam revolved around artificially inflating Parekh Aluminex Limited's turnover through fraudulent transactions.

A special court has dismissed a plea by businessman Premal Goragandhi, refusing to discharge him in a multi-crore loan scam involving Indian Overseas Bank.

The CBI court, led by Judge B Y Phad, ruled on May 9 that prima facie evidence is sufficient to proceed with charges of bank fraud and forgery against Goragandhi.

The court noted that Goragandhi, along with accomplices, allegedly engaged in circular trading and fictitious transactions to fraudulently enhance credit limits for Parekh Aluminex Limited.

(With inputs from agencies.)