RECOVERS CASH OF Rs.21.50 LAKH & DDs OF Rs.6.83 CRORE
Face2News/New Delhi
The Central Bureau of Investigation has conducted searches in an on-going investigation of a case at the premises of accused in Delhi which led to recovery of cash of Rs.21,50,000/-(approx); 05 gold watches of different make; 08 gold sovereign/coins; 14 DDs of Rs.6.83 crore(approx); relevant documents & digital devices.
A case was registered on complaint from Punjab & Sind Bank against a private company and others including its Proprietor, Guarantor & related group companies. It was alleged that the said private company (dealing in four wheelers) obtained CC limit of Rs.18 crore and BG(Financial) of Rs.22 crore during 2009 to 2017 from the Bank against primary security of new vehicles, spare parts, accessories etc.(SUBHEAD)
It was further alleged that the said company had diverted the funds to other bank accounts & related parties and thereby misappropriated the same.
The loan account was irregular and bank declared it as NPA on 31.03.2018 with an outstanding amount of Rs.35.99 crore. Investigation is continuing.