NAGPUR: Ambazari police on Thursday booked two former directors of an agro company for misappropriation of funds worth Rs3 crore between May 2012 and May this year.
According to police, the accused, identified as Gopal Kondalwar and his brother Sanjay, were on the board of directors of Unique Agro Pvt India Limited in 2012. On May 2, 2012, they applied for a loan of Rs3 crore at Pusad Urban bank, Gandhibagh. The board of directors were unaware of any such loan being procured for the company. However, permission of all shareholders of the company was required to get the loan sanctioned. The accused, therefore, orchestrated a fake meeting of board of directors and forged signatures on the loan papers, said police.
The accused submitted the papers in the bank and procured the loan. They then allegedly transferred the money into another account in the same bank. Later, to avoid suspicion, the duo started transferring small amounts to another accused in the name of Jagdamba Real Estate, said police.
The fraud came to light when the company learnt about the EMI to be paid for the loan which it had not taken. When the company shareholders approached the bank they learnt that a fake loan was sanctioned in the name of company.
The directors approached Ambazari police station and filed a complaint. Police after conducting inquiry registered a case of fraud under section 420, 467, 468, 469, 471, 34 of
Indian Penal Code
(IPC).
Cops are yet to make any arrests in the case.
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