After the Oriental Bank of Commerce, the Bank of Maharashtra has filed an FIR with the CBI against Amit Singla, the proprietor of Delhi-based Ashirwad Chain Co, loan guarantor Roshan lal Bhalotia, property valuation firm Tech Mach International and unknown officials of the bank.
It is alleged that Singla and his company took loans of Rs 9.5 crore through cash credit facility from the bank between 2010 and 2012.
The accused allegedly submitted three properties in Delhi and Haryana as collaterals. The properties, at the time of taking the loan, were valued at over Rs 18 crore by Tech Mach International. But, after the loans turned into NPAs, the actual market value of the properties were found to be only Rs 2.5 crore.