₹130-crore Bank Fraud : CBI Court frames charges against 5 out of 6 accused

 

A special CBI court has framed charges against five of the six accused in the alleged ₹130-crore bank fraud from 2020. 

 

Charges have been framed against two bank officials, Ravi Rashmi Dhar, the then DGM of Punjab National Bank (PNB), and Naresh Kumar Jain, the then chief GM, PNB, CA Vinod Garg; and directors of Delhi-based Shri Vishnu Overseas Private Limited Sat Narain Mittal, Yogesh Mittal.

Charges were framed under Section 120-B read with Sections 420, 467, 468 and 471 of the Indian Penal Code, and Section 13 (2) read with 13 (1) (D) of the Prevention of Corruption Act.

Charges have yet to be framed against Vishnu Bhagwan Mittal, the company director, as he was not produced in court for some reasons.

An FIR into the matter was lodged in January 2020 on a complaint by chief manager, large corporate branch, PNB, Sector 17, Chandigarh. He alleged that a company, Shri Vishnu Overseas Private Limited, was engaged in processing and sale of rice.

During 2015, the said company, through its directors, got credit facilities worth ₹115 crore sanctioned from PNB’s large corporate branch in Sector 17 and UCO bank, Sector 17, under a consortium arrangement for expansion of their business.

However, the financial statement/audit reports submitted by the borrower company to the banks were found to be fake. The company failed to repay the loan and in 2017 the two banks declared the account of the company as non-performing asset (NPA).

 

It was alleged that the company directors cheated the banks by siphoning off funds, presenting false documents for financial gains and for causing loss of public money to the tune of ₹130 crore as on January 2019 against the sanction facilities of ₹115 crore.

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(With input from news agency language)
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