CBI registers case against Magma Autolinks Pvt Ltd in bank fraud case
The case has been registered against Magma Autolinks Pvt. Ltd., located in the Una district in Himachal Pradesh, its directors, Tushar Sharma and Shaveta Sharma and unknown public servants.
New Delhi: The Central Bureau of Investigation (CBI) on Friday registered a case against Himachal Pradesh’s Una-based private company in connection with defrauding a bank.
The case has been registered against Magma Autolinks Pvt. Ltd., located in the Una district in Himachal Pradesh, its directors, Tushar Sharma and Shaveta Sharma and unknown public servants.
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According to the CBI, it has been alleged that the directors of said private company entered into a conspiracy among themselves and others during the years 2017-2018 and, in pursuance thereof, obtained a credit facility in the form of a term loan of Rs 9.85 crore (approximately) from UCO Bank, Mandi for the construction of a showroom, the purchase of plant and machinery and other allied items.
It was further alleged that the said accused, instead of creating the said assets, cheated the bank and siphoned off or diverted the funds to other accounts maintained with other banks under the control of the said borrowers.
“Searches were conducted at four places belonging to the accused and company in Una, Kangra, etc, which led to the recovery of incriminating documents,” an official statement said.
Further investigation is underway.
