Patel seeks thorough probe in bank fraud case against Vadodara

Gujarat Deputy Chief Minister Nitin Patel today said the CBI should thoroughly probe a Rs 2,654-crore bank fraud case invovling a city-based company and ensure the entire swindled amount is recovered.

The CBI on Thursday registered a criminal case against Diamond Power Infrastructure Ltd (DPIL), a Vadodara-based firm dealing in electric cable and equipment, and its directors for allegedly cheating various banks to the tune of Rs 2,654 crore.

The probe agency conducted searches at the official and residential premises of the company and its directors in Vadodara. The CBI said DPIL is promoted by S N Bhatnagar and his sons Amit and Sumit, who are also the firm's executives.

TheGujarat government has no role to play in the probe. It is the job of the investigating agency to make a thorough probe and recover the entire fraud amount, Patel said while talking to reporters at Mahapura village near here.

Patel, who also holds the finance portfolio, said a recovery of the amount will help in restoring depositors' confidence in their banks.

The Union government has already instructed probe agencies to take strict actions against those involved in bank frauds, he said.

It is the job of the investigating agency to seize passports of those involved in such cases, Patel said.

Meanwhile, Gujarat Congress leader Arjun Modhwadia claimed Amit Bhatnagar has close links with BJP leaders in the state as well as at the Centre.

Modhwadia, a former Gujarat Congress president, demanded a detailed inquiry to find out where the bank fraud money was used.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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