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Rs 73 cr fraud at PNB, Indian Bank: CBI lodges case against seven

Rs 73 cr fraud at PNB, Indian Financial institution: CBI lodges case towards seven | Information

New Delhi: The Central Bureau of Investigation has registered a case towards seven accused, together with non-public corporations, for perpetrating a fraud at Punjab Nationwide Financial institution (PNB) and Allahabad Financial institution in credit score services and time period loans to the tune of practically Rs 73 crore throughout 2013.
The CBI recognized the accused as M/s S.R. Alcobev Pvt. Ltd, non-public firm based mostly at New Industrial Property, Jagarpur, District Cuttack(Odisha) & its Managing Director, Ranjan Kumar Padhi, Director, Mrs Saina Kar, Three Non-public Corporations,  M/s. Naina Devi Suppliers Pvt. Ltd., Sainagoue Avenue, Kolkata, West Bengal, M/s. Chandraghanta Iron & Metal Merchants Pvt. Ltd., Shyam Bazar Avenue, Kolkata, West Bengal(Company Guarantor), M/s. Brewforce Applied sciences, East Patel Nagar, New Delhi/Dehradun, Uttarakhand (Provider), Sukanta Kumar Lenka, Civil Contractor(Non-public Individual).
In line with CBI, a number of unknown officers of Punjab Nationwide Financial institution are concerned within the fraud amongst others.
“The accused dedicated a fraud at Punjab Nationwide Financial institution, primary department, Buxi Bazar, Cuttack and Allahabad Financial institution, Bhubaneswar department, in a matter of credit score services or time period loans to the tune of round Rs 73 crore (Rs 40 crore by PNB and Rs 33 crore by Indian Financial institution, previously Allahabad Financial institution) throughout 2013,” the probe company mentioned in an announcement.
After disbursal of the mortgage proceeds, the debtors/guarantors allegedly violated the phrases & circumstances of the sanction they usually neither procured the machineries nor deposited the installments in time and the account turned Non-Performing Property(NPA), CBI said.
It was additional alleged that the accused together with promoters/Administrators/Guarantors/suppliers had misappropriated and diverted the mortgage proceeds with an ulterior motive to defraud the banks to the tune of round Rs.140.48 crore(principal quantity plus curiosity as of September 30, 2021).
Searches had been carried out on the premises of the accused located at Cuttack(Odisha) and Dehradun(Uttarakhand).
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