STAFF REPORTER
GUWAHATI: The Central Bureau of Investigation (CBI) on Tuesday carried out searches at the residence of businessman Rajesh Bajaj in Sarumotoria and at his business establishments in Guwahati in connection with an alleged multi-crore loan default linked to the Bank of Baroda. During the raids, the agency seized several documents believed to be related to financial transactions under examination. A large red bag, suspected to contain cash, was also taken into custody, although officials did not immediately confirm its contents.
The case originated from a complaint filed by the Assistant General Manager and Regional Head of the Bank of Baroda in Guwahati, who alleged that Rajesh Bajaj, his wife Barsha Bajaj, their firm M/s Dibesh Commercials Private Limited, and associated entities had fraudulently obtained cash credit and overdraft facilities amounting to Rs 10 crore. The credit was sanctioned for meeting working capital needs for contracts under the Public Works Department and the National Health Mission, but investigators alleged that the funds were diverted to personal accounts and related companies.
Preliminary findings suggested that the accused had intentionally overvalued the securities submitted to the bank and had acted in conspiracy with unidentified public servants and others. The loan account later turned into a non-performing asset with outstanding dues of Rs 9.49 crore, resulting in a significant financial loss to the bank.
Based on the enquiry, the CBI registered a case under Sections 120B, 409 and 420 of the Indian Penal Code, along with Section 7 of the Prevention of Corruption Act, 1988, as amended in 2018.
Also Read: Guwahati: CBI arrested absconding convict