The Central Bureau of Investigation (CBI) on Saturday lodged an FIR against Horizon Solutions, its proprietor Zeba Urfi, and guarantor Zaibun Nisa for cheating the bank by selling off mortgaged properties after its account turned non-performing asset (NPA).
A senior CBI official said that they received a complaint against Horizon Solutions, a Body Corporate constituted under the Banking Companies (Acquisition & Transfer of Undertaking) Act, and its proprietor Ms. Zeba Urfi from Union Bank of India (UBI).
“Horizon Solutions was sanctioned a secured overdraft of Rs nine crore in 2010. Later, this limit was enhanced to Rs 10.50 crore in 2012. A year later, it was again increased to Rs 15 crore.”
The said firm was engaged in the activity of supplying and installing IT hardware systems along with software on an order basis. The primary security for the overdraft was a charge on current assets, and a few immovable properties were mortgaged as collateral securities. In 2014, the account of this firm turned into an NPA,” said the official.
During the recovery process, the bank learned that a few mortgaged properties were sold by the firm.
The bank approached the CBI and got an FIR lodged against the firm and other accused.
The CBI said that the investigations are going-on.
