CBI Registers a Case Against 07 Accused Including Private Companies; Md of A Private Firm & Others, And Conducts Searches

(Judicial Quest News Network)

The Central Bureau of Investigation has registered a case on complaint from Punjab National Bank, Bhubaneswar against a private company based at New Industrial Estate, Jagarpur, District Cuttack(Odisha) & its Managing Director; Director; three private companies(Guarantor/Supplier) based at Kolkata, New Delhi/Dehradun; one private person and unknown public servant(s)/unknown others on the allegations that the accused in conspiracy with unknown officials of Punjab National Bank/unknown others, Guarantors, private persons perpetrated a fraud at Punjab National Bank, Main Branch, Buxi Bazar, Cuttack & Allahabad Bank, Bhubaneswar Branch in a matter of credit facilities/Term Loans to the tune of around Rs.73 crore {Rs.40 crore by PNB and Rs.33 crore by Indian Bank(erstwhile Allahabad Bank) } during 2013.  After disbursal of the loan proceeds, the borrowers/guarantors allegedly violated the terms & conditions of the sanction and they neither procured the machineries nor deposited the installments in time and the account turned Non-Performing Assets(NPA).  It was further alleged that the accused including promoters/Directors/Guarantors/suppliers had misappropriated and diverted the loan proceeds with an ulterior motive to defraud the banks to the tune of around Rs.140.48 crore(principal amount plus interest as on 30.09.2021).

            Searches were conducted at the premises of the accused situated at Cuttack(Odisha) and Dehradun(Uttarakhand).
          Investigation is continuing.