The Central Bureau of Investigation has booked Shree Mukt Jewellers Baroda Private Limited and its directors for allegedly cheating Bank of Baroda of ₹173.63 crore. The company’s directors are absconding.
The bank has alleged that the company and its director Harsh Gopalbhai Soni, besides unknown public servants and others, indulged in criminal conspiracy, criminal misconduct, cheating, forgery and diversion of public funds.
The company was sanctioned various credit facilities in 2013. However, it failed to repay the dues. The account turned non-performing assets on February 27, 2016, and the company was declared a wilful defaulter in February 2018.
The bank had opened 443 letters of credit on behalf of the company for ₹627.18 crore, of which 97% were issued in favour of only three suppliers and 68 of the letters of credit involving ₹99.99 crore were devolved on the bank from December 2015 to February 2016. The amount was never paid to them, it is alleged.
According to the FIR, the three suspect suppliers were related parties of the borrower. Two of them were registered at the same address and also had the same directors or partners. One company was engaged in the real estate business.
