Mumbai, Jan 24 (PTI) CBI has registered a case ofcheating and fraud against directors of Biotor Industries,manufacturer of castor oil, for allegedly submitting forgeddocuments to three banks and availing a loan of Rs 1500 crore.
The Banking and Securities Cell of CBI last weekregistered a case against the company for availing loans fromBank of Maharashtra, Oriental Bank of Commerce and CentralBank of India to the tune of Rs 1500 crore on the basis offorged and fabricated documents.
According to CBI, the Gujrat-based company Biotor hadlast year approached the three banks seeking post-harvestloans stating that they would procure raw material for themanufacture of the oil from the farmers directly who growthe seeds.
"The company signed Management and Collection Agreementswith the three banks wherein it would through village levelagriculturist would identify those farmers and do verificationof their documents," a senior CBI official said.
However, the company submitted forged identificationdocuments like election cards and 7/12 extracts of the land,the official said adding apart from the directors of thecompany, the FIR also includes the names of nine village levelagriculturists.
Searches were conducted at the office and residencesof Biotor''s directors and incriminating documents have beenrecovered.