EOW Books Industrialist For ₹31.5 Lakh Loan Fraud

A case has been registered by the Economic Offences Wing (EOW) against a Rewa industrialist and suppliers for allegedly taking a ₹31.50 lakh bank loan for an ice cream factory that existed only on paper.

The loan was taken under the Pradhan Mantri Formalisation of Micro Food Processing Enterprises Scheme, and a subsidy was also availed. However, instead of establishing the factory, the accused allegedly diverted the funds for other purposes.

According to the police, Rewa industrialist Sandeep Gupta applied for the loan to set up an ice cream factory. A loan of ₹31.50 lakh was sanctioned, and a subsidy was provided under the government scheme.

The accused allegedly used fake supply receipts for the installation of ice cream factory equipment and fake receipts for the supply of raw materials. The bank approached the EOW after discovering the irregularities and filed a complaint.

The EOW has registered a case against Sandeep Gupta, his wife Kalpna Gupta, and several suppliers, including Rupesh Kumar Singh, Santosh Kumar Verma, and Ankita Singh.

The Pradhan Mantri Formalisation of Micro Food Processing Enterprises Scheme is a government initiative aimed at promoting the food processing industry. The scheme provides financial assistance to entrepreneurs to set up or upgrade food processing units.

The EOW's action against the accused is a significant step in preventing bank loan frauds and ensuring that government schemes are not misused. The case highlights the need for stricter monitoring and verification of loan applications to prevent such frauds.

The accused face charges of cheating and fraud, and further investigation is underway. The EOW is working to recover the amount and bring the accused to justice.

The case has significant implications for the banking sector and the government's efforts to promote entrepreneurship and economic growth. It underscores the importance of vigilance and monitoring in preventing frauds and ensuring that public funds are used for their intended purpose.

In conclusion, the EOW's action against the Rewa industrialist and suppliers is a welcome step in preventing bank loan frauds and promoting transparency and accountability in the use of public funds. The case serves as a reminder of the need for stricter monitoring and verification of loan applications to prevent such frauds and ensure that government schemes are used for their intended purpose.