CBI arrests three directors of private company and two then officers of Punjab national bank in an on-going investigation of a case relating to bank fraud.
The Central Bureau of Investigation has arrested three Directors of a private Company based at Ludhiana and two bank officials i.e then Chief Manager & then Officer, both working in Punjab National Bank, Overlock Road Branch, Ludhiana (Punjab) in an on-going investigation of a case.
The case was registered U/s 120 B r/w Section 420, 467, 468, 471 of IPC and Section 13(2) r/w 13(1)(d) of PC Act, 1988 & substantive offences against three Directors of a private company based at Ludhiana & said private company; a Chartered Accountant & others and other unknown bank officials & private persons on the allegations of defrauding Punjab National Bank, Overlock Road Branch, Ludhiana to the tune of Rs.56 crore(approx).
It was further alleged that the Directors of said private company entered into criminal conspiracy with then Branch Manager & then Officer (Incharge Credit) both of Punjab National Bank, Overlock Road Branch, Ludhiana & others and cheated the bank by way of diversion of the Cash Credit funds sanctioned for operating business and siphoning off the funds sanctioned for purchase of the machines from the Term Loans on forged documents.
It was also alleged that the said accused persons in connivance with the bank officials transferred the funds abroad in favour of the foreign suppliers of the machines out of the Term Loan which was neither returned nor the machines were received against the foreign remittance. They diverted the CC funds and Term Loans through a number of local vendors. An alleged loss of Rs.74 crores(approx) was caused to Punjab National Bank.