CBI FILES A CHARGESHEET AGAINST THEN CMD OF CANARA BANK; TWO DIRECTORS OF A PRIVATE FIRM AND OTHERS ON THE ALLEGATIONS OF CHEATING THE BANK TO THE TUNE OF RS.68.38 CRORE(APPROX)

Press Release
New Delhi, 19.03.2018

The Central Bureau of Investigation has today filed a chargesheet in the Designated Court, Delhi against the then CMD; two then EDs; then DGM; then CGM & an AGM (all of Canara Bank) and a Delhi based private company & its two Directors on the allegations of cheating the Canara Bank to the tune of Rs.68.38 crore(approx).

CBI had registered a case on 27.01.2016 against Delhi based private company; its two Directors; unknown public servants and private persons u/s 120B r/w 420, 467, 468, 471 of IPC and Section 13(2) r/w 13(1)(d) of the PC Act, 1988 & substantive offences. It was alleged that the said private company, dealing in wholesale & retail trading of silver jewellery & articles, diamond, gold jewellery, imitation jewellery, gift items, crockery items etc. had cheated Canara Bank to the tune of Rs. 68.38 crore (approx) through its accounts at Kamla Nagar, New Delhi branch of the Canara Bank.The loan was sanctioned in December 2013, disbursed within the next three months. It turned NPA on 29.09.2014 within one year of its opening and the funds were siphoned off through a chain of alleged bogus transactions facilitated by fake sister concerns, family members and bank officials including the top Executives. It was also revealed during investigation that there was an alleged nexus between the bank officials with the private persons which led to the perpetration of the fraud.

After investigation, a chargesheet was filed.

The public is reminded that the above findings are based on the investigation done by CBI and evidence collected by it. Under the Indian Law, the accused are presumed to be innocent till their guilt is finally established after a fair trial.


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