Audit reveals ₹64 cr loan fraud with Mehsana Urban Co-operative Bank
Updated: Jan 4th, 2025
A complaint has been registered with CID Crime Gandhinagar regarding loan fund fraud.
The complaint filed by Anil Patel, Legal Officer at the Head Office of the Mehsana Urban Co-operative Bank, states that Om Infrastructure, Bageshri Infotech’s proprietor and partner Bijal Mehta (resident of Vasna) and Manoj Chaudhary of Vrundavan Township had taken loans for various building projects from 2016 to 2020 at the Gandhidham branch of their bank.
An audit report by the bank revealed that they had used the loan amount for incomplete or negligible construction.
They had not repaid a total of ₹44.45 crore to the bank. The accused had taken business loans from the bank to develop schemes on land in Anjar, Galpadar village, and Varsamedi village in Anjar, using false valuation reports and construction submitted at the bank.
Moreover, it eas was revealed in the 2024 audit report that owner of Nadini Roadlines Shamji Myatra, Ramesh Agrawal, Premji Patariya, Umesh Patel, Laxman Maheshwari, Yakub Rayma, Jaydeep Patel, Bhagwati Bio Energy's Shubham Agrawal, Jay Trading Company’s Narendra Patel, and Satyendra Mishra borrowed a loan of ₹19.45 cr and did not return the amount.
As per CID Crime sources, employees of the bank’s Gandhidham branch might be involved in the fraud.
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