CBI registers fraud case against Ahmedabad-based Arihant Jewels, partners
Jun 06, 2023
New Delhi [India], June 6 : The Central Bureau of Investigation (CBI) has registered an FIR against Gujarat's Ahmedabad-based Arihant Jewels and its partners over allegations of fraud and misappropriation of public funds of Union Bank of India to the tune of Rs 12.22 crore.
The accused named in the FIR have been identified as Arihant Jewels, Ahmedabad and its partners-Anant Ashokbhai Shah and Maulikaben Anant Shah, Jigar Ashokbhai Hebra and unknown officials of Union Bank of India and others.
The document accessed by ANI reads that as per the internal investigation report dated October 2020, it was gathered that the business was commenced successfully and suddenly entire businesses were wrapped without informing the financing bank.
The unit has defaulted in meeting its payment/repayment obligation to the lender and has also disposed of or removed the movable fixed assets or immovable property given by it for the purpose of securing the loan without the knowledge of the bank/lender.
"Therefore as there was no concrete evidence to ascertain the genuinity of transactions in account M/s Arihant Jewels and the other two connected accounts viz. M/s Bhagya Ornaments (Account with Union Bank of India, Raipur gate now with ARB, Ahmedabad) and individual agriculture loan account in the name of Ananat A Shah(e-AB, Ahmedabad Main Branch) it was decided to conduct a forensic audit as total exposure is around Rs 15.00 crore in all the three accounts of borrower Ananat A Shah and others," the CBI said.
"The forensic auditor has observed that the names of companies to which payments have been made/received have changed their names and now dealing in new names," the document read.
Forensic auditor in conclusion of their report states that there has been a considerable amount of "Diversion" by the borrower to their related parties. The shady transactions, extraordinary transactions with limited inter-related parties, apparent non-genuine business transactions and financial delinquencies clearly indicate intent default by the borrower to defraud the bank.
