CBI Files FIR Against Bhubaneswar Jeweller Over Alleged ₹6 Cr Loan Fraud

Bhubaneswar: The Central Bureau of Investigation (CBI) has initiated legal action against Bhubaneswar-based Dwarka Jewellers and its partners for allegedly defrauding the Indian Bank by presenting counterfeit property documents to secure a loan.

The CBI received a written complaint from the bank in February, accusing Dwarka Jewellers and its associates, including guarantor Bilkish Patro, of fraud, criminal conspiracy, cheating, and forgery. The complaint pertained to a Cash Credit Facility of Rs 6 crore that was sanctioned in 2013 by the Allahabad Bank (now Indian Bank). The loan was intended for trading in gold, silver, precious stones, and diamond ornaments but was allegedly misused for fraudulent purposes.

According to the CBI, Dwarka Jewelers, which was established as a partnership firm in 2001, turned into a non-performing asset (NPA) in 2020. The investigation revealed that the firm had transferred Rs 3.55 crore to individuals and GDS Builders through various transactions, which constituted a diversion of funds. It was alleged that the partners of the firm utilized the funds for purposes unrelated to the loan’s intended use. Additionally, it was discovered that some of the properties mortgaged to secure the loan were not registered in the partners’ names. The CBI suspects that fake documents were submitted to deceive the bank.

In light of the complaint, the CBI has registered a First Information Report (FIR) and is actively investigating the case.