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VADODARA: A businessman with his office in the Phoenix complex in Sayajigunj and his wife was booked on Friday for falsification of documents get ready amounting to Rs 7.5 crore from a private bank in 2016.
According to officials of Bandhan Bank, who had disbursed a cash loan (CC), an overdraft and a term loan to the accused Prakash Dave and his wife Ulpa Dave, the pair had falsified a certificate of no objection (CNO) of his CC loan of Baroda Bank (Bob) to obtain new loans.
In February 2016, Prakash approached the OP Road branch of Bandhan Bank for a CC loan because he wanted to develop the activities of his company M / S Excel Electric Pvt Ltd. After submitting documents and requests, Kolkata bank officials visited his office and factory and several rounds of meetings were held.
In December 2016, the bank disbursed a CC loan amount of Rs 4 crore, an OD of Rs 1 crore and a term loan of Rs 2.5 crore. Prakash was then invited to submit the AC of BoB which he submitted a year later.
Prakash continued to pay interest on all loans until December 2017 and withdrew the entire amount of Rs 7.5 crore. The couple then stopped paying down payments despite the reminders. When Bank Bandhan inquired with the BoB about the NOC it had submitted, it was learned that the public sector bank had never issued a document and that the defendants had not yet repaid the CC loan. at BoB.
The private bank after its own procedures approached the police to file a complaint. “We recorded an offense of cheating, forgery, criminal association and under the Information Technology Act based on their complaint, ”said a police official. The couple have yet to be arrested.
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According to officials of Bandhan Bank, who had disbursed a cash loan (CC), an overdraft and a term loan to the accused Prakash Dave and his wife Ulpa Dave, the pair had falsified a certificate of no objection (CNO) of his CC loan of Baroda Bank (Bob) to obtain new loans.
In February 2016, Prakash approached the OP Road branch of Bandhan Bank for a CC loan because he wanted to develop the activities of his company M / S Excel Electric Pvt Ltd. After submitting documents and requests, Kolkata bank officials visited his office and factory and several rounds of meetings were held.
In December 2016, the bank disbursed a CC loan amount of Rs 4 crore, an OD of Rs 1 crore and a term loan of Rs 2.5 crore. Prakash was then invited to submit the AC of BoB which he submitted a year later.
Prakash continued to pay interest on all loans until December 2017 and withdrew the entire amount of Rs 7.5 crore. The couple then stopped paying down payments despite the reminders. When Bank Bandhan inquired with the BoB about the NOC it had submitted, it was learned that the public sector bank had never issued a document and that the defendants had not yet repaid the CC loan. at BoB.
The private bank after its own procedures approached the police to file a complaint. “We recorded an offense of cheating, forgery, criminal association and under the Information Technology Act based on their complaint, ”said a police official. The couple have yet to be arrested.
