Gujarat: CBI files a complaint against the directors of Mandeep Industries for “fraud” at the UBI

The Central Bureau of Investigation (CBI) has registered a case of fraud against the directors of Mandeep Industries, based in Rajkot, for allegedly deceiving the Union Bank of India to the tune of Rs 44.64 crore.

According to CBI officials, an FIR has been filed against Mandeep Industries, a company involved in the extraction of edible oil, for defaulting on cash credit and term loans from the Union Bank of India between 2014 and 2020.

The CBI reserved the directors of Mandeep Industries, Ashish Talaviya, Kishorbhai H Vaishnavi, Ramjibhai H Gajera, Kalpesh Talaviya, Bhavesh M Talaviya and unidentified officials in an FIR in Gandhinagar.

“It has been alleged that during the period 2014 to 2020, the accused, as part of a conspiracy, instigated the Union Bank of India to sanction various credit facilities, including cash loans and term loans in the amount of Rs 47.30 crore (approximately). It was further alleged that the borrower’s account was subsequently classified as non-performing asset on 01/15/2020 due to non-execution of interest / installments resulting in a loss of Rs 44.64 crore for the ‘Union Bank of India. Searches were carried out in 7 places… which made it possible to recover the incriminated documents ”, indicates an official statement from the CBI.

CBI action comes after Union Bank of India’s Ellisbridge (Ahmedabad) branch announced on July 22, 2021 that the assets of Mandeep Industries and its directors were being auctioned for default of credit contracted .

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