CBI books 6 promoters of Surat firm in cheating case – The Indian Express

The Central Bureau of Investigation Monday booked six promoters of Rajhans Infrabuild company in Surat and two others for allegedly cheating Bank of Baroda to the tune of Rs 76 crore.
The case was lodged based on a complaint filed by Assistant Manager Bank of Baroda, Bholanath Trivedi, who alleged that the real estate firm had taken a loan and caused loss to the tune of Rs 76.03 crore to the bank, CBI sources said.
Besides the promoters of the firm — Sanjay Movaliya, Manoj Movaliya, Mitesh Movaliya, Pukhraj Shah, Ashish Jain, all five residents of Surat, and Sohilkumar Mandanka from Rajkot — the central agency has also registered an offence against two unidentified persons.
The accused were booked under IPC sections 420 (cheating), 120(b) (criminal conspiracy) and section 13(2), 13(1)(d) of the Prevention of Corruption Act.
The case is being probed by Vinod Kumar, Deputy Superintendent of Police of CBI.
In his complaint, Trivedi claimed that Rajhans Infrabuild LLP, which has an office at Royal Trade Centre in Surat, had taken loan of a Rs 90 crore for the construction of a 21-storeyed commercial complex at Pal area in Adajan in 2016.
The commercial complex had 200 units (offices) and the project cost was around Rs 185 crore.
The bank had disbursed loan amount of Rs. 82.86 crore to the firm between March 22, 2017 and December 31, 2018. However, the disbursement of the loan amount was stopped in January 2019 due to the slow pace of the construction work, the assistant manager said.
The firm could not meet the financial obligation and it was classified as Non-Performing Asset on January 11, 2020, complaint read.
However, before taking possession of the property on March 20, 2022, the officials learnt that the accused had sold the commercial units to different persons without obtaining a No-Objection Certificate from the bank, Trivedi alleged.
The firm had executed sale agreements 191 units of the commercial complex, out of which 53 were executed without the bank’s NOC.
The bank, later, issued provisional NOC for 42 units and rest of the sale agreements were cancelled, he added.
Despite repeated attempts, Trivedi was unavailable for comments.
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