Pharma Promoter Faces CBI Probe Over Alleged Rs 57 Crore Bank Loan Scam
Ahmedabad: The promoter of Ahmedabad-based pharmaceutical company Jay Formulations has come under investigation after being accused of allegedly defrauding the State Bank of India (SBI) of Rs 57.05 crore. In connection with the case, the Central Bureau of Investigation (CBI) conducted searches at multiple locations linked to the accused, including his office, residence, and factory premises.
According to the investigation, Jay Formulations owner and promoter Ashwin Patel has been accused of obtaining credit facilities from SBI through the alleged submission of falsified financial statements and other supporting documents. Investigators suspect that after securing the loans, the funds were diverted to other entities instead of being utilized for the purposes for which they had originally been sanctioned.
The CBI carried out searches around May 22 based on warrants issued by an Ahmedabad court. The raids were conducted at Patel's office located on Ashram Road, his residence in the Shivranjani area, and the company's factory premises.
During the course of the investigation, the agency also brought Rakshit Ashwin Patel, Komal Rakshit Patel, and Arjav Mahesh Patel under the ambit of the probe. Investigators are examining their alleged roles in the transactions linked to the case.
According to the CBI, the alleged irregularities resulted in a loss of ₹57.05 crore to the public sector lender. The agency stated that the case involves allegations of cheating, diversion of funds, and misuse of bank credit facilities.
Sources indicated that an FIR has been registered in Kolkata in connection with the matter. The complaint was filed by Prakash Bisht, Deputy General Manager of an SBI branch, at Kolkata's BS&FB Police Station. The complaint names Ashwin Patel as the primary accused in the case.
The FIR also names Rakshit Ashwin Patel and Komal Rakshit Patel, residents of C-6 Mayurpankh Society in Ahmedabad's Satellite area, along with Arjav Mahesh Patel, as co-accused. The accused have been booked on charges including criminal conspiracy, cheating, dishonest misappropriation of property, and criminal breach of trust.
According to a recent media report in Gujarat Samachar, investigators are currently examining the flow of funds and assessing the role of the other accused in the alleged diversion of loan proceeds. The report stated that the CBI is continuing its probe to determine the full extent of the alleged fraud and ascertain whether additional individuals or entities were involved in the transaction trail.
The investigation remains ongoing, with authorities scrutinizing financial transactions and related documentation as part of efforts to establish the complete scope of the alleged banking fraud.
