Bhubaneswar: The Central Bureau of Investigation (CBI) carried out raid at the residence and office of a prominent gold merchant in Bhubaneswar for allegedly cheating a bank of over Rs six crore in the name of business activities.
According to sources, CBI sleuths also conducted search operations at the premises of the family members and partners of the city-based jeweller.
The central investigating agency, which has filed a case of loan fraud against the jewellery firm and its partners for allegedly cheating bank by submitting fake property documents to obtain loan, is reported to have launched the raid since Saturday.
The case was registered after CBI received a written complaint in February from the bank, alleging that the firm, its and others committed fraud, criminal conspiracy, cheating, and forgery in connection with a Cash Credit Facility of over Rs 6 crore sanctioned in 2013 by the erstwhile Allahabad Bank (now Indian Bank).
The firm had taken the loan for the purpose of trading in gold, silver, precious stones, and diamond ornaments/ jewellery but allegedly later engaged in fraudulent activities.
It was alleged that the partners misused the funds for purposes other than those for which the loan was sanctioned, sources said, adding that some of the properties kept as mortgage against the loan were not registered in the names of the partners. Fake documents were allegedly submitted to deceive the bank.
Based on the complaint, the CBI filed an FIR and launched an investigation.
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