HYDERABAD: The Central Bureau of Investigation (CBI) officials have registered criminal cases against Mussadilal Jewellers Exports Private Limited and its Managing Director Mohan Lal Gupta and his son Mussadilal Prasant Gupta for duping the Indian Overseas Bank (IOB) to the tune of Rs 75 crore by taking a loan and failing to return the amount.
The agency slapped cases of criminal conspiracy, criminal breach of trust, cheating, forgery and criminal misconduct by unknown public servants.
Later, the case was handed over to the Bank Securities and Fraud Cell (BSFC) wing of the agency for further investigation.
According to CBI officials, Mussadilal Jewellers Exports Private Limited is in the business of manufacturing and retail sale of jewellery with its office and retail shops located at Punjagutta in the city.
“The Mussadilal Jewellery Managing Director Mohan Lal Gupta has given a personal guarantee for the loan his company availed from the complainant bank. He is the key person who executed documents with the bank. He is also aware of all the company transactions. His son Prasant Gupta is also aware of the financial transactions after they obtained the loan from the bank. Both Mohan Lal Gupta and his son Prasant perpetrated a fraud by defaulting,” CBI officials said.
The IOB officials also informed the CBI officials that some public servants were colluding with Mussadilal Jewellers management in issuing the loan to the accused.