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CBI books Ginni Gold Pvt Ltd for Rs 53 cr fraud

  •   Thu, Jun 04 2020 10:14:21 PM

New Delhi, June 4 (IANS): The Central Bureau of Investigation (CBI) on Thursday said that it has filed a case against a Delhi-based company and its directors, engaged in the manufacturing of gold and diamond studded jewellery, for causing loss to the Union Bank of India to the tune of Rs 53 crore.

A CBI official here said that the agency registered a case on a complaint from Union Bank of India, against Ginni Gold Pvt Ltd and its five directors, another private company named SKG Doors Pvt Ltd, which acted as guarantor and its two directors, two panel advocates of the bank and unknown officials of Union Bank of India.

In the FIR, the bank alleged that the said borrower company had obtained cash credit facilities and bank guarantee or standby LC limit from Union Bank of India, East Patel Nagar branch in New Delhi. It further alleged that the guarantor company created equitable mortgage of already sold out property in favour of the bank by depositing false title deeds of the property with the bank as security for the credit facilities availed by the said borrower company.

The FIR alleged that Ginni Gold Pvt Ltd did not repay the loan amount and the same was declared as non-performing asset (NPA) which has resulted in a loss to the tune of Rs 53 crore to the bank.

 
  

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Comment on this article

  • Sunil K, Mangalore

    Fri, Jun 05 2020

    Common way to defraud banks is to create fictitious transactions between several companies owned by the Directors themselves. And when a bank official is party to the loot-making, its acche din. The promoters hope they don't get caught and use the huge credit facilitates from the bank to make money either from their business or providing credit at higher interest to smaller borrowers and traders who normally don't have access to bank facilities. It's only when the market goes bad that these guys caught. RBI should get more involved in ensuring that flexible terms are made available to small borrowers and traders to stop these so-called bigger borrowers from defrauding banks.

    Hopefully this time, the government will not let these directors fly out of India easily as it did in the previous instances.

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Title: CBI books Ginni Gold Pvt Ltd for Rs 53 cr fraud



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