CBI conducts searches in Gujarat, Maha in bank fraud cases

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Ahmedabad, Dec 17 (PTI) The Central Bureau of Investigation (CBI) on Thursday carried out searches at nine places in Gujarat and Maharashtra in two separate cases of bank fraud against firms based in Ahmedabad and Gandhinagar, an official relase said.

It carried out searches at four properties of city- based Varia Engineering Works Pvt Ltd and seized some incriminating documents and articles, it said.

It also conducted searches at five locations in Gujarat and Mumbai at the properties of Gandhinagar-based Gopala Polyplast Ltd.

The CBI had recently registered cases of bank fraud against these firms.

'The first case was registered on a complaint from State Bank of India against Varia Engineering Works and others, including its Directors, on the allegations of cheating the consortium of banks including State Bank of India to the tune of Rs 452.62 crore during 2013 to 2017,' it said.

The consortium also included Bank of India, Bank of Baroda, Central Bank of India, Bank of Maharashtra, Punjab National Bank and Vijaya Bank.

The accused allegedly diverted the loans taken from these banks.

'The second case was registered on a complaint from Bank of Baroda against Gopala Polyplast and others including its Directors on the allegations of cheating the Bank of Baroda to the tune of Rs 72.55 crore by diverting the funds during 2017 to 2019,' the release said. PTI PJT PD KRK KRK