3 textile businessmen held over Rs 6 crore loan default in Surat

On the basis of an application submitted by Jayesh sakariya, a resident of Surat and representative of Kalupur Commercial Co-operative bank, Surat CID Crime department had on Monday night booked five persons.

Surat CID crime officials on Tuesday arrested three textile businessmen from Surat, who had taken a loan of Rs. 6 crore from Kalupur Commercial Co-operative bank in Mumbai and failed to pay the installments. Two more accused including the bank manager are absconding.

On the basis of an application submitted by Jayesh sakariya, a resident of Surat and representative of Kalupur Commercial Co-operative bank, Surat CID Crime department had on Monday night booked five persons — Bhagwan Patel, Ashwin Patel (both directors of a textile firm at Jolva in Palsana taluka of Surat), Bhavesh Patel (son of Bhagwan Patel and guarantor), Hemant Parekh (manager of Kalupur Commercial Co-operative Bank, Kalbadevi branch in Mumbai) and HT Shah (valuer), under IPC sections 406,409, 420,465, 467, 468, 471 and 120(b).

Acting on the complaint, the CID officials arrested Bhagwan Patel, his son Bhavesh Patel, and Ashwin Patel, all residents of Surat.

As per details of complaint, Bhagwan Patel and Ashwin Patel, directors of Kashbhanjan textile factory, had taken a loan of Rs 6 crore from Kalupur Commercial Co-operative Bank, Mumbai branch, in 2016, with the help of bank manager Hemant Parekh. The valuer Shah had over valued the stock of textile, necessary for approval of the loan amount.

However, after taking the loan, the accused had failed to repay the loan amount, following which the bank authorities had approached the Surat CID crime department and lodged a complaint of cheating against the accused.

Incharge Deputy Superintendent of Police, Surat CID Crime, A M Captain said, “We have carried out the Covid-19 test of all the three arrested and after they tested negative, we arrested them. The bank manager and the valuer were also involved in this racket and they are still absconding and we will arrest them soon. The bank manager had misused his power and helped the accused to get the loan.”

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