THE Central Bureau of Investigation (CBI) has registered a case against a South Mumbai based jewellery company P&S; its three directors and unknown others including unknown public servants u/s 120-B r/w 420, 467, 468 & 471 of IPC and 13(2) r/w 13(1)(d) of the PC Act (as amended in 2018) on a complaint from a bank. It was alleged that the said company availed cash credit facilities to the tune of Rs. 578.50 crore under consortium banking arrangement from eight banks viz. Union Bank of India, State Bank of India, Bank of Baroda, Andhra Bank, Vijaya Bank, Central Bank of India, Canara Bank & Syndicate Bank and cheated these banks by way of forgery & using forged documents as genuine. This caused wrongful loss to these banks of about Rs.568.52 crore(approx).
Searches have been conducted on Thursday at 13 places including office/residential premises of the accused and others in Mumbai, Lonavala (Maharashtra), which led to recovery of various incriminating documents.
The CBI has booked the company and its directors – Paresh Shah, Sahil Shah and Viraj Shah- and unidentified public servants and others under sections related to criminal conspiracy, cheating and forgery under IPC among others.
Investigation is continuing.