SBI fund embezzlement case: Two former directors of company arrested
Jammu, November: CBI has arrested two former directors of a private paper manufacturing company in a multi-crore bank fraud case in Jammu and Kashmir’s Kathua district.
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The two then directors Anil Kumar and Praveen Kumar were arrested on Tuesday evening and produced before a magistrate who remanded them to seven days in CBI custody.
According to the CBI, the accused in the conspiracy with unknown SBI officials had cheated the bank of Rs 87.88 crore (which with interest amounted to Rs 121.13 crore) from 2006 to 2019 by illegally removing machinery and other parts without getting prior permission and without informing the lender banks.
The case against Bharat Papers limited and others, including its managing director and directors, was registered on February 12, 2020 on a complaint from State Bank of India’s, SAM Branch in Ludhiana, Punjab, a CBI spokesperson said.
It was also alleged that the accused illegally sold machinery parts as scrap and arranged fake invoices to cover up the illegal sale, the CBI said and added that the accused allegedly diverted funds from the loan account.
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- PTC NEWS
