CBI files chargesheet against ex-Canara Bank CMD over loan default

The Central Bureau of Investigation (CBI) on Monday filed chargesheet against RK Dubey, former Chairman and Managing Director of Canara Bank, in a case pertaining to a loan default.

Besides Dubey, the chargesheet has been filed against five officials of the Canara Bank and a Delhi-based private company Occasions Silver Private limited and its two Directors Kapil Gupta and RK Gupta.

The accused allegedly cheated the Canara Bank to the tune of approximately Rs.68.38 crore.

The CBI had earlier in 2016, registered a case against Occasions Silver Private limited and its directors.

"It was alleged that the said private company, dealing in wholesale and retail trading of silver jewellery and articles, diamond, gold jewellery, imitation jewellery, gift items, crockery items etc. had cheated Canara Bank to the tune of Rs. 68.38 crore through its accounts at Kamla Nagar, New Delhi branch of the Canara Bank. The loan was sanctioned in December 2013 and disbursed within the next three months," read an official statement

The probe agency has revealed that there was an alleged nexus between the bank officials with the borrower which led to the perpetration of the fraud.