CBI books 7 for Rs73 crore fraud at PNB, Indian Bank
IANS 25 November 2021
The Central Bureau of Investigation has registered a case against seven accused, including private firms, for perpetrating a fraud at Punjab National Bank (PNB) and Allahabad Bank in credit facilities and term loans to the tune of nearly Rs 73 crore during 2013.
 
The accused were identified as S.R. Alcobev Pvt. Ltd, New Industrial Estate, Jagatpur, Cuttack, its Managing Director Ranjan Kumar Padhi and Director Saina Kar; Naina Devi Suppliers Pvt. Ltd, Sainagoue Street, Kolkata, West Bengal (Corporate Guarantor), Chandraghanta Iron and Steel Traders Pvt. Ltd., Shyam Bazar Street, Kolkata, West Bengal (Corporate Guarantor), Brewforce Technologies, East Patel Nagar, New Delhi or Dehradun, Uttarakhand (Supplier) and a civil contractor named Sukanta Kumar Lenka, a resident of Cuttack.
 
According to the CBI, there is involvement of unknown public servants of Punjab National Bank, among others.
 
"The accused committed a fraud at Punjab National Bank, main branch, Buxi Bazar, Cuttack and Allahabad Bank, Bhubaneswar branch, in a matter of credit facilities or term loans to the tune of around Rs 73 crore (Rs 40 crore by PNB and Rs 33 crore by Indian Bank, formerly Allahabad Bank) during 2013," the probe agency said in a statement.
 
After disbursal of the loan proceeds, the borrowers and guarantors allegedly violated the terms and conditions of the sanction and they neither procured the machineries nor deposited the instalments in time and the account turned into a non-performing asset (NPA).
 
It was further alleged that the accused, including promoters, directors, guarantors and suppliers, had misappropriated and diverted the loan proceeds with the ulterior motive to defraud the banks to the tune of nearly Rs 140.48 crore (principal amount plus interest as on September 30, 2021).
 
The CBI conducted searches at the premises of the accused situated at Cuttack (Odisha) and Dehradun (Uttarakhand).
 
"Further probe is on," it added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
Comments
All You Need To Know about the RBI’s New Integrated Ombudsman Scheme
Moneylife Digital Team 24 November 2021
The Reserve Bank of India (RBI)’s- Integrated Ombudsman Scheme (RB-IOS), 2021, which was launched by Prime Minister (PM) Narendra Modi last week seeks to provide cost-free redress of customer complaints involving deficiency in...
SBI Warns Customers about Fake Customer Care Numbers, Mail Ids
Moneylife Digital Team 23 November 2021
The State Bank of India (SBI) has issued a new warning to its customers to remain alert of fraudulent customer care numbers. “Beware of fraudulent customer care numbers. Please refer to the official website of SBI for correct...
RBI Cautions against Some Cooperative Societies Using 'Bank' in Their Names
Moneylife Digital Team 22 November 2021
In a major announcement, the Reserve Bank of India  (RBI) on Monday said that cooperative societies are not allowed to use 'bank' in their names and also cautioned them against accepting deposits from people who are not their...
RBI Issues Draft Scheme for PMC Bank's Takeover; Depositors To Get Their Full Amount over 10-year Period
Moneylife Digital Team 22 November 2021
The Reserve Bank of India (RBI) on Monday released a draft scheme for the acquisition of Punjab and Maharashtra Cooperative (PMC) Bank by Delhi-based Unity Small Finance Bank (USFB).
 
The draft scheme of amalgamation...
Free Helpline
Legal Credit
Feedback