CBI books Shiv Vani Oil, two promoters for defrauding PNB of Rs 253 cr

Banks, NBFCs are estimated to have given Rs 3,587 crore to company accused of criminal conspiracy, cheating

The Central Bureau of Investigation (CBI) has filed a complaint against Shiv Vani Oil and Gas (SVOGL) and its promoters Padam Singhee and Prem Chimanlal Singhee for defrauding Rs 252.61 crore from Punjab National Bank (PNB).

According to the CBI's first information report (FIR), PNB had lodged a complaint against them for criminal conspiracy, cheating, criminal breach of trust and criminal misconduct.

Padam Singhee is the managing director of New Delhi-headquartered SVOGL while Prem Chimanlal Singhee is a director. They are brothers.

The accounts of SVOGL were declared fraud by PNB and reported to the Reserve Bank of India (RBI) on August 15,