Rajkot: Two ginning mill owners were arrested on Monday for allegedly cheating Kotak Mahindra Bank’s Jilla Panchayat road branch of nearly Rs 18 crore.
According to police, the accused who are from Gondal had borrowed the money by mortgaging their ginning stock. However, they then sold off the stock and refused to repay the loan amount.
An official of the Kotak Mahindra Bank, Lavlesh Shivkumar Trivedi, resident of Ahmedabad’s Naranpura area, lodged complaint against directors of Bhalala Private Ltd, Bipin Chandulal Ranparia and Hitendra Popatlal Bhalara. The accused duo had taken advance from the bank for business purpose.
They borrowed around Rs 19 crore and mortgaged the ginning stock and some immovable assets. The bank official alleged that the directors of Bhalala Private Ltd committed fraud by not providing stock statement with the intention of not paying the loan amount.
The complaint stated that the accused had paid around Rs two crore and refused to pay the outstanding.
Vinod Yadav, police inspector of A-Division police station, said, “They sold off the ginning stock and did not give the stock details to the bank. Now, the bank doesn’t have enough mortgaged property to recover the loan amount.”
The accused in police custody
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