Shillong, October 27: The Central Bureau of Investigation (CBI) has registered a case against Himachal Pradesh’s Magma Auto Links Pvt. Ltd. and its directors, Tushar Sharma and Shaveta Sharma, for bank fraud. Raids were conducted at four locations in connection with this case.
According to a CBI spokesperson, the agency has filed a case against Magma Auto Links Pvt. Ltd., its directors, and unidentified public servants.
As per IANS, it is alleged that the company’s directors conspired during 2017-2018 to secure a credit facility in the form of a Term Loan of Rs 9.85 crore from UCO Bank, Mandi, for the construction of a showroom, purchase of machinery, and related items.
Rather than using the funds for the stated purposes, the accused individuals deceived the bank and redirected the funds to accounts held with other banks under their control.
The CBI conducted searches at four locations linked to the accused and the company in Una, Kangra, and other areas, leading to the recovery of incriminating documents.