Business Standard

2 companies booked for Rs 89-cr loan fraud


ANI New Delhi [India]
The Central Bureau of Investigation (CBI) on Thursday filed cases against certain directors of two private companies for cheating Bank of India to the tune of about Rs 89 crore.
The two separate cases registered under various sections of Prevention of Corruption Act, 1988, and substantive offences against a private rice mill at Mandi Gurdaspur, its four Directors and another private firm at Swank Mandi in Amritsar city of Punjab and unknown persons and public servants were filed after a complaint by the Bank of India, a statement said.
It was alleged in the FIR that the accused persons, in pursuance of a conspiracy, induced Bank of India to sanction credit facilities on the basis of forged/fabricated stock statements and balance-sheets.
According to the statement, the company based at Amritsar cheated the bank and did not repay a loan of Rs 61.01 crore.
The statement also mentioned another FIR against a private Agro Tech Company at Mandi Gurdaspur and four of its directors, another private firm based in Pathankot and unknown persons and public servants for cheating the bank to the tune of Rs 28.30 crore (approx).
The CBI also conducted searches at various locations in Hoshiarpur, Gurdaspur, Amritsar and Pathankot (all in Punjab) and recovered incriminating documents in relation to the cases.
The CBI action follows multi-billion-dollar Punjab National Bank fraud case involving celebrated jeweller Nirav Modi and his relative as well as Gitanjali Gems owner Mehul Choksi.
The more than Rs 15,000 crore scam has rattled the country and its economy, with the country's banks tightening grip over laws of sanctioning loans.
Further investigation and searches are on in the matter, the statement read.

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First Published: Mar 29 2018 | 11:20 PM IST

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