 "CBI")
According to CBI's Zonal Office, Delhi u/s 120-B r/w 420 of IPC and Sec. 13(2) r/w 13(1) (d) of Prevention of Corruption Act, 1988 against three then Assistant Managers, Indian Overseas Bank, Chandigarh; a Proprietor of Chandigarh based private firm; Proprietor of another Chandigarh based private firm; two then Directors of another Chandigarh based private firm and also said firm, a Hong Kong based company, a Brigadier (Retd.) based at Chandigarh and other unknown public servants and private persons.
It was alleged that the accused persons in connivance / criminal conspiracy with the branch officials & with each other siphoned off the bank funds under the garb of Letter of Comfort in favour of Hong Kong based company purportedly issued by officials of Indian Overseas Bank, Chandigarh to Punjab National Bank (PNB), Dubai and Bank of Baroda (BoB), Bahamas. Based on these fraudulently issued Letters of Comfort, these Foreign Banks issued Buyers' Credit to the account of accused companies abroad.
An alleged loss of around Rs 321 crore was caused to the complainant bank (IOB) and the foreign branches of PNB and BoB.
Searches were conducted today at 14 locations at Chandigarh, Ludhiana, Panchkula, Amritsar and Zirakpur (Punjab) at the premises of accused which led to recovery of incriminating documents.
CBI has filed an FIR against 11 people including three from IOB and proprietors of private firms in Chandigarh and against a company in Hong Kong.
