CBI raids on logistics company

CBI today carried out searches on a leading logistics company in connection with alleged cheating of Bank of Maharashtra to the tune of Rs 800 crore through diversion of funds.
CBI sources said the late evening searches are going on in seven offices and three residential premises of the Directors of Siddhi Vinayak Logistics Limited at Surat, Pune, Mumbai and Silvasa.
It is alleged that the company defrauded through 'Chalak se Malak' scheme wherein the company got sanctioned loans for its drivers without their knowledge and siphoned off the money, the sources said.
CBI has alleged that loans worth crores were taken from the Bank of Maharashtra by the company for running the scheme which was allegedly shown to reward the loyalty of hundreds of truck drivers employed with the company, the sources said.

It was proposed that the company would sell its used trucks to its drivers thereby making them entrepreneurs, they said.
According to the scheme, the driver could become the owner but the truck would continue to be deployed with the company, CBI alleged.

The company had allegedly assured that from the bills generated for running the trucks, a portion of payment will be deducted by the company as instalment for the price of the truck and once the payment is over, the truck would be transferred in the name of the driver, CBI claimed in FIR.
CBI has registered the case under the IPC sections related to cheating, forgery and provisions of Prevention of Corruption Act against the company, its directors and unknown public servants.

The company did not respond to emails seeking their reaction.