Rasoya Proteins Ltd alleged for a loan fraud in Bank of Baroda

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Adverse Media, CBI

Rasoya Proteins Ltd involved in a loan fraud case. The Central Bureau of Investigation (CBI), has registered a case against Rasoya Protiens Ltd, a city company for allegedly pocketing loans secured in the name of fictitious farmers from Bank of Baroda (BoB).

Since, the company’s promoters allegedly connived with bank officials to secure loans in the name of 213 persons claimed to be farmers who were actually Rasoya Proteins Ltd  employees. In 2014, the loan of Rs. 19.90 granted. The company’s officials involved in the case.

The persons were supposed to be supplying Rasoya Protiens Ltd  with soyabean seeds for which the loans were granted under a corporate guarantee by the company. The Rasoya Proteins Ltd opened the savings account. They issued post dated cheues on the purchase of seeds.  The cheques were eventually discounted in connivance with the bank’s employees. The total amount diverted in this manner comes to Rs19.90 crore said the CBI FIR. Hence, Central Bureau of Investigation booked a case against Rasoya Proteins Ltd officials and unknown officers of Bank of Baroda.

Though, bank’s regional Office complained to CBI Nagpur. The Central Bureau of Investigation took the action against them. The complaint alleged that borrowerd submitted the forged documents.  As well as company to got loans under the bill purchase facility of BoB. The bank’s officers however did not even obtain land records of the borrowers to ascertain their status as farmers.

Final Word

On Saturday, CBI sleuths conducted searches on the company’s premises and their residences at Nagpur, Yavatmal and Mumbai. Against the directors of the company a case of forgery, cheating, criminal conspiracy registered. The Central Bureau of Investigation registered a case against the unknown bank employees. It charged on offences of criminal misconduct under Preventionof Corruption Act.

The Nagpur branch of CBI filed a similar case in February. It filed acase against GS Oils from Alibad. They secured a loan of Rs. 20 crore from UCO Bank.