CBI Tuesday searched the headquarters of one of the country’s largest premium Basmati rice processors, Best Food Limited, and residences its Chairman and Director for alleged bank fraud of Rs 1,006, officials said Tuesday, Rs 46 crore at the State Bank of India consortium Led by India
The search began in the morning at four locations of the company’s offices in Chandigarh and New Delhi and the residences of Chairman Mohandar Pal Jindal and Managing Director Dinesh Gupta in Karnal, they said.
The agency relied on IPC’s sections on fraud, criminal embezzlement, criminal conspiracy, criminal misconduct and fraud against Best Foods Limited alleging transfer of credit money from April 1, 2015 to March 31, 2018, they said
In its complaint to CBI, State Bank of India (SBI) alleged that Best Foods Limited (BFL) was selling rice under one brand, the BEST umbrella with different names such as Best Premium and Best Super Premium across India
The complaint, which is now part of the FIR, alleges that the company installed 101 metric tons per hour of milling rice and 149 metric tons per hour for sorting and grading rice, and has emerged as one of the largest premium processors for basmati rice in the country. p>
The bank claimed that the company had begun to default on loan payments resulting in its accounts being classified as non-performing assets on 27th September 2016 at Rs 1,00646 crores hanging
During a forensic audit, the bank discovered alleged balance sheet fraud by inflating inventories and diverting bank funds for misappropriation, he claimed
“All the above-mentioned illegal acts constitute recognizable crimes under the Indian Penal Code and have been committed with the intent to cause a loss to the bank that imposed penalties on credit facilities and acquired them illegally on account of the bank’s funds causing an unlawful loss to SBI tune Rs. 1,00,646 crore «
Indian Rupees, Crores, Central Bureau of Investigation, Consortium
World News – GB – Best Food Limited Charged for Rs 1,006 Crore Bank scam, CBI searches 4 locations
Related Title :
– Best Food Limited Feeed at 1,006 crore scam bank, CBI searches 4 sites
– searches In a travel company with a scam 946 cr case
– CBI books about Best Foods, and other books at a scam bank a>
