The Central Bureau of Investigation has registered a fresh case against Surat-based Siddhi Vinayak Logistics Limited (SVLL) and others for allegedly cheating the erstwhile Andhra Bank of over ₹89 crore. The company, which had taken loans of about ₹2,000 crore from 13 banks, is already facing probe by multiple agencies.
The latest FIR also names Laxmi Baid, Rajkumar Baid, Deepak Baid and Roopchand Baid as accused persons. They had secured two term loans involving ₹100 crore for SVLL from July 2012 to September 2014, for the purchase of 336 commercial vehicles.
The company submitted copies pertaining to 251 vehicles as security against the loans. However, on verification from the respective Regional Transport Offices, the bank officials later found that there already was charge of the other banks on 30 vehicles, as alleged.
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It is suspected that copies of the Registration Certificate books given to the bank were forged.
The loan account was classified as non-performing asset on October 27, 2015, which resulted in a loss of ₹89.11 crore to the bank.
Last year, the Enforcement Directorate had attached 6,170 vehicles worth over ₹1,600 crore in a money laundering case involving SVLL and others. In June 2017, the agency had attached assets worth about ₹20 crore.
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The CBI registered the first case against SVLL and others in August 2015, in connection with loans to the tune of ₹800 crore taken from the Bank of Maharashtra for its “Chalak Se Lalak” scheme. The funds meant for buying vehicles were disbursed to various companies and allegedly diverted. In September 2018, the CBI registered another case.
Under the “Chalak Se Malak” scheme, the accused persons had claimed that they would provide trucks to the drivers working for the company. A list of drivers was also supplied to the bank authorities. However, the loans were allegedly siphoned off.