CBI REGISTERS A CASE AGAINST PROMOTERS/DIRECTORS OF PRIVATE COMPANIES FOR DEFRAUDING PUNJAB & SINDH BANK AND CONSORTIUM OF FOUR OTHER BANKS TO THE TUNE OF Rs. 621 CRORE (APPROX.)


Press Release
New Delhi, 17.04.2018

The Central Bureau of Investigation has registered a case on a complaint from Punjab & Sindh Bank against Delhi based private Pharmaceutical company; its two Promoters / Directors; a Director of Dubai based company & also the proprietor of another Dubai based company; a Director of Patiala (Punjab) based private company and others including then Directors of said private companies, and other unknown public servants / private persons U/s 120-B r/w 420, 467, 468, 471 of IPC and 13(2) r/w 13(1)(d) of PC Act, alleging that the accused persons in pursuance of conspiracy, defrauded Punjab & Sindh Bank and 04 other banks of the consortium, to the tune of Rs. 621 crore (approx.), by diversion & siphoning off the bank loans through its sister concerns & others, and not utilizing it for the purpose for which the loan was sanctioned, i.e. manufacturing of pharmaceuticals.

Searches were conducted today at 07 places including 02 each in Delhi, Patiala & Chandigarh and one in Panchkula at the offices / residences of the accused which led to recovery of certain documents

Investigation is continuing.


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