The Central Bureau of Investigation has conducted searches at three locations including at Malerkotla (Punjab) at the premises of accused including private firms, Directors/ Guarantors in an ongoing investigation of a bank fraud case. A cash of Rs.16.57 Lakh (approx), around 88 foreign currency notes, some property documents, several bank accounts and other incriminating documents were found & recovered during searches.
A case was registered on complaint from Bank of India, Ludhiana against a Private firm based at Gaunspura, Tehsil- Malerkotla (Punjab) and others including then Directors, Guarantors of private company, another private firm & Unknown Public Servants/Private Persons. It was alleged that the said private firm based at Gaunspura, Malerkotla was engaged in trading of DOC Rice Bran, DOC Mustard Cake, Cottonseed Cake, Maize, Bajra and other food grains. The borrower firm was sanctioned loans at 4 intervals from 2011-2014 by the Bank. It was further alleged that the firm through its Directors had concealed hypothecated stock and diverted book debts with malafide & dishonest intention so that the same were not made available to the creditor Bank for inspection and for effecting recovery as secured creditor. An alleged loss of Rs.40.92 Crore(approx) was caused to Bank.
The account was classified as NPA on 31.03.2014 and based on anomalies, the account was declared as fraud on 09.02.2018 with an outstanding amount of Rs.40.92 Crore(approx).
It was also alleged that the loan availed by the accused has not been used for the purpose for which it was availed.
Investigation is continuing