2 Ghaziabad-based businesses are implicated by the CBI in a case of bank loan fraud totaling Rs. 8.75 billion.

 An official announced on Saturday that the Central Bureau of Investigation (CBI (NS:CBI)) has arrested two private companies with offices in Ghaziabad and their employees in connection with a case of bank loan fraud involving Rs 8.75 crore. According to a CBI officer, the investigation agency got a complaint in this regard on March 13 from the Punjab National Bank (NS:PNBK) (PNB).

According to the bank, it suffered a loss of Rs. 8.75 crore.

According to the FIR, fraud was committed by Accord Furnishing Pvt. Ltd, director Neerja Dixit, former director Ashwani Dixit and guarantor of Anchor Overseas, director Rajat Kumar Arora, and others.

The bank was contacted by Neerja and Ashwani in 2015 with a request for a Rs. 1.40 crore Cash Credit Loan Facility. A loan (Cash Credit) for Rs. 1.40 crore was given to the accused after the bank granted the request. They refinanced a few homes, according to the FIR, to further secure the lending facilities.

The accused again requested an increase in their Cash Credit Limit from Rs. 1.40 crore to Rs. 2.75 crore in 2016, and the bank agreed, according to the FIR.

According to the bank's complaint, "further, in 2016 the accused persons also availed a Term Loan Facility of Rs 1.40 crore for the purchase of machinery and other assets to set up a factory."

The accused is suspected by the bank of siphoning off the money borrowed from it and using it for reasons other than those authorized by the bank.

The CBI official announced that they had filed a FIR under sections 120B read with sections 420, 468, and 471 of the IPC and were investigating the situation.