New Delhi, Sep 19 (Fresh Headline) The Central Bureau of Investigation (CBI) has filed an FIR against Mandhana Industries (now GB Global Ltd), a Mumbai-based firm, for allegedly committing a loan fraud of Rs 975.08 crore.TheCBI had received a complaint that led to the filing of this FIR. The complaintalleged that Purushottam Chhaganlal Mandhana, former Managing Director, Manish Biharilal Mandhana, former Executive Director, and others were involved in the loanfraud.
The firm was first granted credit facilities by the Bank of Baroda in 2008. However, the firm’s account became a non-performing asset in 2016.
Subsequently, the bank conducted a forensic audit, which revealed irregularities by the firm and its officials, including the diversion of funds to settle other debts and the discovery of a few fictitious purchases.
The bank then approached theCBIto file a case. After verifying the facts, theCBIfiled anFIRand is currently investigating the matter.