Mumbai News: CBI Seeks US, UAE Agency Help In Pushpak Bullions ₹140 Crore Bank Fraud Probe

Mumbai: The CBI is seeking information on various deals done by Pushpak Bullions, from the agencies of USA and the UAE, in the ongoing probe against the firm and its directors in a bank fraud case.

Case Registered Against Directors in 2022

CBI had in 2022, registered a case against Pushpak Bullions and its two directors Chandrakant Patel and Amit Yogesh Sampat, for allegedly cheating Union Bank of India and Bank of India by obtaining credit facilities to the tune of Rs 140 crores which they failed to repay.

Banks Suffered Heavy Losses

It is claimed that they submitted forged financial statements of the firm with inflated figures and siphoned off the funds realized from the debtors. It resulted in a wrongful loss of Rs 83.19 crores to the banks wherein Union Bank of India lost Rs 70.48 crores, while Bank of India lost Rs 12.71 crores.

Letter of Rogatory Sent to UAE and USA

During the probe, the agency has obtained a Letter of Rogatory also referred as Letter of Request to UAE and USA seeking the assistance from their agencies to collect evidence on the use of proceeds of crime.

Probe Focuses on Gold Exports to UAE

The agency claimed that Investigation will reveal that Pushpak Bullions Pvt. Ltd. claimed to have used gold metal received from banks as loan and manufactured gold jewellery and exported to various firms in UAE.mHence the agency claims it needs to verify these transactions and seek information through agencies from UAE.

Investments in US Mining Firms Under Lens

Besides, the agency claimed that Patel incorporated another company in the USA, namely Pushpak Mining and Exploration LLC. 81% equity shares of Pushpak Mining and Exploration LLC were held by Pushpak Bullions Pvt. Ltd. This company acquired 100% stake in Pine Creek Mining Inc.

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The agency claimed that the proceeds of crime were used in acquisition and development of Gold Basin Mine. Hence the agency claimed it requires information of the amount of investment done by Pushpak Bullions.

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