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CBI books Surat firm for causing loss of over Rs 200 cr to SBI

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AHMEDABAD : The CBI Monday registered a case against a Surat based private logistics company for allegedly causing a loss of Rs 214.11 crore to State Bank of India (SBI)

According to CBI officials, a case was lodged against Siddhi Vinayak Logistics Limited and its directors Roopchand Baid, Rajkumar Baid, Laxmi Devi Baid, Deepak Kumar Baid and other unknown public servants for allegedly causing a loss of Rs 214.11 crore to SBI, Ahmedabad.

“The CBI has lodged a case against Siddhi Vinayak logistics company and its directors for causing loss of Rs 214.11 crore to SBI in the matter of sanctioning term loans to the company for purchasing new commercial vehicles,” said a CBI official.

It was further alleged that the accused cheated the bank by not hypothecating the vehicles in favour of State Bank of India,” the official added.

“It was also alleged that the loan proceeds were not utilised for the purpose for which the term loans were sanctioned. Searches were conducted on the premises of accused at Surat & Mumbai that led to recovery of incriminating documents. Investigation is on,” the official added.

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