CBI Files FIR against GB Global for Alleged Rs975.08 Crore Loan Fraud
IANS 20 September 2023
The Central Bureau of Investigation (CBI) has filed an FIR (first information report) against Mandhana Industries (now GB Global Ltd), a Mumbai-based firm, for allegedly committing a loan fraud of Rs975.08 crore.
The CBI had received a complaint that led to the filing of this FIR. The complaint alleged that Purushottam Chhaganlal Mandhana, former managing director, Manish Biharilal Mandhana, former executive director, and others were involved in the loan fraud.
The firm was first granted credit facilities by the Bank of Baroda in 2008. However, the firm's account became a non-performing asset in 2016.
Subsequently, the Bank conducted a forensic audit which revealed irregularities by the firm and its officials, including the diversion of funds to settle other debts and the discovery of a few fictitious purchases.
The Bank then approached the CBI to file a case. After verifying the facts, CBI filed an FIR and is currently investigating the matter.
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3 months ago
Do we have ( or thru RTI) data on how many cases yearly ED has raided, amt seized and if any reached the final conclusion and prosecution.
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