Face2News/New Delhi
The Central Bureau of Investigation has registered a case against a Private Company based at Mumbai and others including unknown Public Servants & unknown persons on complaint from Punjab National Bank involving bank fraud of Rs. 1688.41 crore (approx) to the consortium of 10 banks.
The account of said company was classified as NPA by the lead bank i.e. Punjab National Bank on 20.03.2018 and subsequently its account was also declared as fraud by the members of the consortium banks. The company was stated to be involved in the business of manufacturing and supply of cement in India. It was alleged that the Borrower Company approached Punjab National Bank and other members of consortium banks for setting up a field cement facilities at Village Mora, Surat & Village Thumdi, District Kutch, (Gujarat) for manufacturing various types of cements.
It was further alleged that the accused had diverted huge amounts from the borrower company to its related parties and subsidiaries. The credit facilities obtained from the banks were allegedly diverted in violation of sanctioned terms & conditions. It was also alleged that the company had opened account in non-consortium bank in violation of terms & conditions and received huge amount in those accounts which were subsequently diverted. The huge amount of transactions were allegedly made by the said Private Company with shell companies.
Searches were conducted today at 3 locations including at Mumbai, Jaipur, etc. which led to recovery of several incriminating documents & articles.Investigation is continuing.