Bank fraud case: CBI books HP based company, its directors; raids 4 locations

New Delhi: The Central Bureau of Investigation (CBI) has booked Himachal Pradesh’s Una-based Magma Auto links Pvt. Ltd. and its directors Tushar Sharma and Shaveta Sharma in a bank fraud case while carrying raids at four places.

A CBI spokesperson said that the agency booked Magma Auto links Pvt. Ltd, its directors and unknown public servants.

The official said that it was alleged that the directors of the 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 Term Loan of Rs 9.85 crore from UCO Bank, Mandi for construction of showroom, purchase of plant and machinery and other allied items.

The accused instead of creating the said assets, cheated the bank and siphoned off or diverted the funds to the other accounts maintained with other banks under the control of the said borrowers, the official said.

The official said that the agency sleuths carried out searches at four places belongings to the accused and company in Una, Kangra etc which led to recovery of incriminating documents.