Rs.190 Crore Fraud in Bank of Baroda; ED Conducted Raids in Delhi, UP, Haryana
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A big fraud has been reported in Bank of Baroda. The Enforcement Directorate on Thursday conducted searches in Delhi, Uttar Pradesh and Haryana as part of a money laundering investigation linked to an alleged bank loan fraud of Rs 190 crore.
The case pertains to Shri Sidhdata Ispat Private Limited and other companies, in which Bank of Baroda (former Dena Bank) is claimed to have been defrauded. The company manufacturers cold and hold rolled steel products.
ED conducted searched at at least ten locations in Delhi, Ghaziabad and Noida in Uttar Pradesh and Panipat in Haryana. ED has also seized many documents during the raids.
Earlier, CBI was handling the case. CBI had also conducted searches at Delhi and Noida. The agency conducted searches after registering an FIR against Shri Sidhdata Ispat Pvt. Ltd., Govardhan Industries Pvt. Ltd., Shri Sidhdata Steel Tubes, Sudershan Tubes and others on a complaint by Bank of Baroda.
“It was alleged in the complaint that the accused cheated Bank of Baroda to the tune of Rs. 190.76 crore (excluding interest) by way of availing various credit facilities, on the basis of submitting fake documents to the bank…,” CBI spokesperson RK Gaur said.
It was also alleged that they diverted the funds fraudulently for the purpose other than they were sanctioned for, he said.
