The Central Bureau of Investigation (CBI) has registered an offence against a Mumbai based firm for allegedly causing losses to the tune of over Rs 200 crore to Indian Overseas Bank through a multi-pronged fraud over the years.

The Banking and Securites Fraud unit of CBI conducted extensive raids at residence and office of Vinod Jatiya Group on Saturday (03/12/2022). The raid was conducted pursuant to registration of FIR on complaint of Indian Overseas Bank against Dilshad Trading Co. Private Limited (Vinod Jatiya Group company), its directors namely Mr. Vinod Jatiya, Mrs. Neeta Jatiya, Mr. Parteek Vinod Kumar Jatiya and others.

As per sources, CBI has recovered many incriminating documents from the accused’s house at Mahalaxmi, Mumbai and their office at Sukhia Building, Horniman Circle, Fort, Mumbai. The documents points towards circular trading, bogus billings and diversion of funds in to real estate by the Jatiya Group.

The group has real estate projects under the name of Belmac Residences in Kalyani Nagar, Pune and Belmac Riverside in Panvel, Navi Mumbai which too have come under scanner. It seems that the group has diverted funds from its trading business to its real estate business. The Pune project is already under controversy due to delay in delivery of flats to the flat buyers and non-disclosure of not having clear title of the land on which the project is being constructed. CBI has recovered details of properties running into multiple crores during the raid, which is believed to be funded from the fraud money.

The Income Tax department (I-T) had also conducted search on several premises of the Vinod Jatiya Group in connection with tax evasion. The group was involved in systematic manipulation of stock and circular trading and misrepresentation to banks. The I-T department too has raised a demand of over Rs. 12,000 crore on the group.