The Central Bureau of Investigation has registered a case in a Rs 80-crore plus loan fraud based on a complaint by the State Bank of India.
The case was registered against Partho Bijoy Dutta, Director of Parth Foils Pvt. Ltd (PFPL), besides unknown public servants and private persons.
"It was alleged that the said borrower company and its directors availed credit facilities on the basis of manipulated stocks-book debts statements, financial statements with inflated figures/ over stating sales, income and profit in order to be able to draw higher volume of amounts from the banks and thereby diverted the entire loan amount without its end utilization,” a CBI spokesperson said.
The fraud resulted in an alleged loss of Rs.80.73 crore to the SBI.
As part of the investigations, the CBI carried out searches at several places including at Mumbai, Ghaziabad and Baddi in Solan District of Himachal Pradesh, which led to recovery of incriminating documents including hard discs and electronic gadgets.