The accused diverted the loan disbursed to them, the CBI said (Representational)
The Central Bureau of Investigation (CBI) on Monday said it has registered a case against a city-based private firm, its directors, and other individuals for allegedly cheating the Union Bank of India of Rs 46.79 crore, and also searched its premises.
The first information report (FIR) was filed against 'Greendiamz Biotech Pvt Ltd', its directors Champat Sanghavi, Deepak Champat Sanghavi and Ashwin Shah, other private persons as well as unidentified public servants, the probe agency said in a release.
The CBI also searched different locations in Ahmedabad, including the company premises, which led to the recovery of incriminating documents and articles, the release said.
It was alleged the accused diverted the loan disbursed to them by the government-run bank's Ahmedabad branch.
The loan was obtained by submitting forged documents and information, thereby committing offences of criminal breach of trust, cheating, and misappropriation of public funds, among others, the central agency said.
The fraud by the private company has caused a loss of Rs 46.79 crore to the central government lender, the release added.
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