CBI has registered a case against a logistic company for allegedly cheating Union Bank of India to the tune of Rs 38.53 crore by diverting the loan amount, a claim strongly refuted by the company.
CBI sources said the agency has registered the case against CRS Logistics at Anand in Gujarat, its Directors - Deepak Chandrakanth Shah and Jagdish Shah - and another firm Rishita Autocraft.
It is alleged that these people entered into a criminal conspiracy and obtained credit facilities from the Union Bank of India to the tune of around Rs 55.81 crore for purchasing 125 trucks to get the PUF-insulated-refrigerated-container fixed on the chassis by Rishita Autocraft, the sources said.
"The directors of the private firm allegedly cancelled the orders partially and took delivery of only 25 trucks. Even though the differential amount of 100 trucks i.E, Rs 14.81 crore (approx) was refunded by the supplier to the bank, the amount disbursed to Dhansura, Sabarkanta District-based firm for fabrication was still outstanding," CBI Press Information Officer R K Gaur said.
He said it is further alleged that the 25 trucks were not given to the bank for inspection, but subsequently the company allowed to inspect only five trucks. It was found that they were fitted with ordinary containers instead of PUF-insulated- refrigerated-container.
"The accused persons, without ensuring the end use of the loan had allegedly diverted the fund of the bank and thereby caused a loss of Rs. 38.53 crore (approx) to the Union Bank of India," Gaur said.
Strongly refuting the allegations levelled by CBI, Chairman-cum Managing Director of the CRS Logistic Deepak Shah said Union Bank of India was provided with all the 25 vehicles for inspection.
He said these vehicles were registered and their registration certificates clearly state that they have been fitted with PUF-insulated-refrigerated-Container.
"There is no fraud or diversion of funds as alleged by the CBI. The bank had released funds in stages, as per norms, only after their officials inspected the work. There is no question of any fraud or cheating," Shah told PTI.
