A Central Bureau of Investigation (CBI) team on Friday raided the residence of a Sambalpur-based businessman in connection with the alleged loan fraud of Rs 4.11 crore.
The raid was conducted after a complaint was filed by the officials of the Union Bank of India, Sambalpur against the businessman Natwarlal Agarwal and his family members.
The bank had alleged that Agarwal and others had availed the loan of Rs 5 crore through forged and fake title deeds and other documents. The involvement of some government employees is also suspected in the fraud.
Agarwal is the proprietor of M/s Goendamal Graphite mines, partner in M/s G.R Graphite Industries and guarantor in M/s National Carbon Products.
As per the complaint filed by the Assistant General Manager of Union Bank of India, Sambalpur branch, the businessman had availed the loan in the name of his family members and himself under union mortgage loan scheme.
In 2018, the accounts had turned non-performing assets (NPA).
“The concerned businessman along with other unknown persons and public officials prepared fake, fabricated, forged documents with an intention to commit misappropriation of funds and fraud,” the bank’s complaint read.
Based on the bank’s complaint, the CBI had registered a case under Indian Penal Code (IPC) sections- 120 (B), 420, 467 and 471.
“We had availed the loans and made some refund. The CBI team is verifying documents. We could not repay due to some issues,” said Agarwal.