CBI REGISTERS TWO SEPARATE CASES AGAINST CERTAIN ACCUSED FOR CAUSING AN ALLEGED LOSS TO THE TUNE OF RS. 1301 CRORE (APPROX) & Rs. 43.77 CRORE (APPROX) TO TWO BANKS AND CONDUCTS SEARCHES

Press Release
New Delhi, 09.04.2017

      The Central Bureau of Investigation has registered a case u/s 120 B r/w 420, 467, 468, 471 of IPC on a complaint from Punjab National Bank related to an alleged fraud committed by Chandigarh based private firm & its three directors and unknown others. An alleged loss of Rs. 1301 crore (approx.) was caused to the complainant bank.

      It was further alleged that the said accused in criminal conspiracy with each other availed credit facilities i.e Term Loans, Working Capital limits etc from Punjab National Bank, Chandigarh. It was also alleged that the said firm got discounted forged & fabricated export bills and fraudulently siphoned off the disbursed bank funds. These discounted export bills remained unpaid and thus caused wrongful loss to the bank.

      Searches were conducted today at 03 places including residence & official premises of accused at Chandigarh and Mohali (Punjab) which led to recovery of incriminating documents and electronic evidences.

      The another case has been registered u/s 120 B r/w 420, 467, 468, 471, 477A of IPC and u/s 13(2) r/w 13(1)(d) of PC Act on a complaint from Canara Bank relating to an alleged fraud committed by a Jabalpur based private firm & its four directors and the then Branch Incharge , Jabalpur Branch, Canara Bank  & unknown others. An alleged loss of Rs. 43.77 crore (approx.) was caused to the complainant bank.

      It was further alleged that the said accused in conspiracy with each other availed credit facilities from Canara bank, Jabalpur branch on the basis of fake and fabricated documents. The funds disbursed by the bank were siphoned off, causing wrongful loss to the bank.

      Searches were conducted today at 05 places including residence & official premises of accused at Jabalpur and Reva (Madhya Pradesh) which led to recovery of incriminating documents.

      Further investigation in both the cases is continuing.


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