Mortgage fraud case in India: FIR in opposition to Siddhi Vinayak Logistics | Popgen Tech

Sinha stated that between 2013 and 2017, Roop Chand, the director of SVLL, sought a time period mortgage of Rs 100 crore to purchase 335 autos. The financial institution sanctioned the mortgage for the acquisition of 335 autos, nonetheless, the corporate supplied a listing of solely 240 autos.

For the reason that financial institution suspected that the borrower didn’t purchase the remaining 95 autos and diverted the funds, it appointed a chartered accountant to confirm the genuineness of the transactions.

On an inside investigation, the financial institution discovered that out of 240 autos prolonged as major safety, solely 221 have been mortgaged to PNB. One car was mortgaged to State Financial institution of India (SBI) and in respect of 10 autos, there was no fee from any financial institution. Particulars of the remaining eight autos couldn’t be verified attributable to non-payment of street taxes.

It was additionally revealed that a number of the autos mortgaged to PNB have been truly financed by Andhra Financial institution and SBI, which means that SVLL had made use of a number of financings for a similar set of autos.

“SVLL dishonestly and fraudulently eliminated the mortgaged asset with the intention of deceiving the financial institution. The RTO registration of 95 autos weren’t submitted by the corporate. Both the borrower didn’t buy 95 autos or they weren’t registered with the right RTO. The accused have induced an ill-gotten lack of Rs 87.46 crores and made ill-gotten features,” PNB alleged within the grievance.

The CBI stated that after receiving the grievance it filed a case beneath related sections of the IPC.