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

- Advertisement -

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.
​​​​​​​
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.

- Advertisement -

Share this article...

Comments

1 COMMENT

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More News...

Latest

Download Budget 2024-25 PDF, Budget important points and Highlights PDF

Download Budget 2024-25 PDF, Budget important points and Highlights PDF

Govt launches internship scheme for youth, Rs.5000 will be given monthly to Youth

Govt launches internship scheme for youth, Rs.5000 will be given monthly to Youth

Good news for Employees! Govt announced to review NPS and make changes in pension scheme

Good news for Employees! Govt announced to review NPS and make changes in pension scheme

Budget 2024: PSU banks will develop in-house capabilities for credit assessment of MSMEs

PSU banks will develop in-house capabilities for credit assessment of MSMEs

Budget 2024: Mudra Loan Limit increased to Rs.20 Lakh

Budget 2024: Mudra Loan Limit increased to Rs.20 Lakh

Income Tax Rate changed, Check new Income Tax Slab in 2024

Income Tax Rate changes, Check new Income Tax Slab

Rs.25 crore Fraud in SBI: CBI Books Private Firm and Directors for Cheating SBI of Rs 25.62 Crore

Rs.25 crore Fraud in SBI: CBI Books Private Firm and Directors for Cheating SBI of Rs 25.62 Crore

Latest News