CBI books Omkar Speciality Chemicals, directors for alleged ₹145.51-crore loan fraud
The Hindu
According to the First Information Report, the company diverted the funds meant for short-term use to use them for long-term purposes.
The Central Bureau of Investigation (CBI) has booked Omkar Speciality Chemicals Limited and its eight directors for allegedly causing a loss of ₹145.51 crore to the Bank of Baroda.
The company, based in Maharashtra's Thane, is into production of varied range of organic, inorganic and organo-inorganic intermediaries. It had taken loans to the tune of ₹170.69 crore from the bank in the form of cash credit, Inland Letter of Credit and Foreign Letter of Credit.
According to the First Information Report, the company diverted the funds meant for short-term use to use them for long-term purposes; and of the ₹50 crore taken as corporate loan, ₹14.54 crore was used for unstated purposes.
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