Rs 9.85 Cr UCO bank loan fraud in Himachal: CBI conducts searches
Central Bureau of Investigation has registered a case against Una-based M/s Magma Auto Links Pvt. Ltd. & its Directors and unknown others for obtaining loan under a fraud from UCO Bank Mandi in Himachal Pradesh during the previous BJP government.
A press release issued by the CBI spokesperson said that Directors of a private company entered into a conspiracy among themselves and others during the year 2017-2018 and in pursuant thereof obtained a Credit facility in the form of a Term Loan of Rs. 9.85 Crore (approx) from UCO Bank, Mandi for construction of showroom, purchase of plant & machinery and other allied items.
It was further alleged that the said accused instead of creating the said assets, cheated the bank and siphoned off and diverted the funds to the other accounts maintained with other banks under the control of the said borrowers.
Searches were conducted at four locations hailed to the said accused & company in Una, Kangra, etc which led to recovery of incriminating documents. The investigation is continuing.
According to sources firms under investigation are M/s Magma Auto Links Pvt. Ltd. Una (Himachal Pradesh) and its Directors Sh. Tushar Sharma and Smt. Shaveta Sharma and unknown public servants.
