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Three Flee to US after taking Rs 100cr Loan from Bank of Baroda


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Director of Hitech Sweet Water Company Vijay Shah, his wife Kavita and another director Satish Agrawal have allegedly fled to US after taking a loan of Rs 100 from Bank of Baroda. The accused are alleged to have siphoned off crores from private companies and institutions. Several FIRs have been registered against them and the Gandhinagar branch of CBI is looking into the matter. For now, the inquiry has been handed over to the Economic Offence Cell of Surat Police.

Vijay Shah and Agrawal had taken a total loan of Rs 100 crore over a period of time. They allegedly fled to the US deputing an ordinary employee of the company as a director. Earlier, Vijay Shah had also taken a loan from Memon Cooperative Bank and had declared bankruptcy. Following the episode, Shah was arrested. Later, Memon Cooperative Bank merged with Bank of Baroda (BoB), said Hiren Bhavsar of Kashyap Infra Pvt Ltd while addressing journalists in Surat.
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Kashyap Infra had sold goods worth Rs 2 crore to Hitech in 2018 when the three accused were directors. However, Hitech never paid the money, said Bhavsar.