VADODARA: A businessman having his office in Phoenix Complex in Sayajigunj and his wife was booked on Friday for forging documents to get loans amounting to Rs 7.5 crore from a private bank in 2016.
According to officials of Bandhan Bank, which had disbursed a cash credit (CC) loan, overdraft and term loan to accused Prakash Dave and his wife Ulpa Dave, the couple had forged a no-objection certificate (NOC) of his CC loan from Bank of Baroda (BoB) to get new loans.
In February 2016, Prakash had approached Bandhan Bank’s OP Road branch for CC loan as he wanted to expand his company M/S Excel Electric Pvt Ltd’s business. After he submitted documents and applications, bank’s officials from Kolkata visited his office and plant and several rounds of meetings were held.
In December 2016, the bank disbursed CC loan amount of Rs 4 crore, OD of Rs 1 crore and term loan of Rs 2.5 crore. Prakash was then asked to submit BoB’s NOC which he submitted a year later.
Prakash continued to pay interest on all loans till December 2017 and withdrew the entire amount of Rs 7.5 crore. The couple then stopped paying instalments despite reminders. When Bandhan Bank inquired with BoB regarding the NOC they had submitted, it was learnt that the public sector bank had never issued any document and the accused were yet to repay the CC loan to BoB too.
The private bank after its own procedures approached the police to file a complaint. “We have registered an offence of cheating, forgery, criminal conspiracy and under the Information Technology Act based on their complaint,” said a police official. The couple is yet to be arrested.