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CBI books PAL Trading over shell cos

Mumbai-based firm allegedly siphoning off loan funds through 17 shell companies

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Economic Offences Branch of CBI, Mumbai, gets Best Branch trophy
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12 Sept 2023 10:50 AM IST

New Delhi: The CBI has registered an FIR against a Mumbai-based company, PAL Trading, for allegedly siphoning off money loaned from the State Bank of India (SBI) through 17 shell companies, causing a loss of Rs24 crore to the bank, officials said Monday.

The CBI has booked the company and its directors Rinku Patodia and Anita Patodia on a complaint from the State Bank of India giving details of the modus operandi detected during a forensic audit of the company dealing in fabrics. The bank had sanctioned credit facilities of Rs 22 crore in 2007 to the company based at Goregaon.

CBI FIR PAL Trading SBI New Delhi 
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