Rs.27 crore Fraud in Bank of Baroda (Dena Bank), CBI Court sends businessman to Jail
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A major banking fraud case involving ₹27.19 crore came to light when Bank of Baroda (e-Dena Bank) filed a complaint against Shri Mahadev D. Patel, a businessman, and his private company M/s Hynoup Food & Oil Industries Ltd. The company had been enjoying credit facilities from Dena Bank’s Ellis Bridge branch in Ahmedabad since January 1983.
According to the bank’s complaint, the accused misused the bank’s Letter of Credit facility. Instead of using the funds for genuine business purposes, forged documents were submitted, and the funds were diverted, causing a huge financial loss to the bank. This was done in collusion with company directors and other private individuals, as per the allegations.
The Central Bureau of Investigation (CBI) launched an investigation and later filed a charge sheet on 22nd October 2001 against four accused, including Mahadev D. Patel and the company M/s Hynoup Food & Oil Industries Ltd.
After a long trial, the CBI Court at CJM, Navrangpura, Ahmedabad, on 30th June 2025, found Shri Mahadev D. Patel and his company guilty of cheating the bank. The court sentenced Mahadev D. Patel to 3 years of Rigorous Imprisonment (RI) and imposed a fine of ₹30,000. The company M/s Hynoup Food & Oil Industries Ltd was also fined ₹30,000 for its role in the fraud.
