The CBI has carried out searches in connection with a case against two Mumbai-based companies and others, who allegedly cheated Bank of India of over ₹57 crore.
“Searches have been conducted at five places in Mumbai, on the residential and official premises of the accused”, said a CBI official.
Avyaan Overseas Private Limited (now known as Bagla Overseas Private Limited); its managing director, Mohit Kamboj; directors Jitendra Gulshan Kapoor, Siddhant Bagla and Irtesh Mishra have been named. Mr. Kamboj is general secretary of the BJP's Mumbai unit.
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KBJ Hotels Goa Private Limited has also been named in the case.
It is alleged that from 2013 to 2018, Avyaan Overseas, represented by its managing director, and others conspired with unknown bank officials to cheat the bank.
The company was sanctioned foreign bills negotiation limit and export packaging credit limit. It received about ₹60 crore.
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In February 2015, bank officials conducted an inspection of the company and found several irregularities.
The company was not routing the sale proceeds through the bank and it was raising bills on sister concerns. Its sale export proceeds were not getting realised. Stock was shown in the godown, but proper records were not maintained.
The loan account was declared non-performing asset in March 2015. A forensic audit was also ordered. The report flagged several issues, including alleged diversion of funds for acquiring property.
Forged documents were also allegedly used by the accused to evade detection.