CBI court rejects bails in Rs 753-crore IOB-led consortium loan fraud

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Mumbai: A special CBI court in Mumbai recently rejected a few bail applications in the Rs 292-crore bank loan scam of Indian Overseas Bank, Nariman Point branch. The fraud was perpetrated using false and fabricated documents by a few of the 26 accused named by the investigating agency. The accused who have been denied bail are Chetan Pabari, Premal Goragandhi and Kantilal Shah.

The accused had allegedly forged the documents to siphon funds of the bank consortium comprising State Bank of India, Exim Bank, Punjab and National Bank, Union Bank of India and Bank of Baroda, under the leadership of Indian Overseas Bank; the consortium’s loans totalled 753 crore. Indian Overseas Bank had granted a loan of Rs 292 crore, but being a leader of the consortium, maintained the account of all other banks.

The key accused named in the chargesheet by the CBI are M/s Parekh Aluminex Ltd chairman and managing director, late Amitabh Arun…

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