CBI probes Ujwal Electric Motors over alleged ₹20cr SIDBI fraud
Business
Ujwal Electric Motors Pvt Ltd and others, including unknown public servants, are under CBI investigation for allegedly cheating SIDBI out of ₹20 crore.
The company took a loan in 2015 to set up a factory but, according to the complaint, used the money elsewhere and stopped making repayments.
The loan turned into a nonperforming asset by 2017 and was labeled as fraud in 2018.
SIDBI alleges fake invoices, funds diverted
SIDBI says Ujwal Electric Motors faked invoices, moved money through shady transactions with related companies, and hid key details during the loan process.
After spotting these red flags, SIDBI reported the case to RBI before filing a complaint with CBI.
Now, investigators are looking into who was involved behind the scenes.