The Central Bureau of Investigation (CBI) on Thursday raided the premises of Indore-based Ruchi Global Private Limited and businessman Umesh Shahra in connection with the bank scam of 188.35 crores. According to the CBI statement, the residential offices of Shahra’s friends and Ruchi Global directors Saket Barodia and Ashutosh Mishra have also been raided.
Investigation is still ongoing, and numerous documents have been recovered, according to sources. It is said that this raid was carried out on the basis of a complaint from the Bank of Baroda. CBI conducted simultaneous raids in six different cities including Indore, Mumbai and Bangalore. These allegations of fraud are from the time period between January 1, 2016 and December 31, 2017.
According to the complaint, the accused caused damage to the lending banks by engaging in embezzlement of funds and various other kinds of financial malpractices such as speculation. The banks which suffered losses include Punjab National Bank, Jammu and Kashmir Bank and two other banks.
The company’s associate entity, Ruchi Soya Industries Limited, is valued at ₹8,323 crore with a total of 21 banks having lent money to it, The Hindu reported. The account was marked as fraudulent in August 2018 and the IDBI Bank (Indore) filed a complaint with the CBI. This company works as a subsidiary of Ruchi Group of Industries. The company deals in the wholesale business of metals, metal ores, grains and pulses.
Significantly, Umesh Shahra is a big name in business and his name has cropped up in many scams and fraud cases. Two years ago, the Enforcement Directorate (ED) had attached assets worth more than Rs 20 crore belonging to the Ruchi Group of Industries. At that time, he was also the director of the Shahra Ruchi Group and Revati Cements Private Limited.
The total assets involved in the case includes the land worth Rs 15.34 crore located in Sejwaya (Dhar) village, the land in Raghuraj Nagar (Satna) owned by Revati Cements, and the 19 lakh deposited in the account of a firm named Thesagora Pvt Ltd.
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