Bhopal (Madhya Pradesh): The Central Bureau of Investigation (CBI) has registered a case of alleged fraud reported in Punjab National Bank, in Raisen, said the officials on Thursday. The case in Raisen is one of the four separate cases registered by CBI in connection with bank fraud of around Rs 940 crore(approx). The agency conducted separate searches in Gujarat, Madhya Pradesh, Andhra Pradesh and Telangana in connection with the fraud.
The case in Madhya Pradesh relates to a complaint registered by Punjab National Bank against a private company M/s Vindhya Cereals Pvt Ltd based at Raisen and others including its directors, unknown public servants and unknown others.
There are allegations of causing loss of approximately Rs 35.55 crore to the Bank in the matter of various credit facilities.
It was alleged that during the period 2012 to 2016, the directors of the borrower company Amitesh Argal and Ameeta Argal in conspiracy with others induced PNB to sanction facilities including cash credit and term loan.
It was further alleged that the borrower company disposed of fixed assets at meagre prices and the funds received were diverted by the directors of the borrower company.
The account of the company was declared as non performing assets (NPA) due to non payment of interest /installments, thereby causing an alleged loss of Rs 35.55 crore (approx.) to the Bank.
Searches were conducted at three locations in Raisen and Bhopal on the premises of the accused including a private company which led to recovery of incriminating documents.
The raids were conducted at M/s Vindhya Cereals Pvt Ltd, Amitesh Argal and Ameeta Argal, both are directors and guarantors. Ajitesh Argal, and Mehmood Noor Khan both are guarantors.
Investigation in all the cases is continuing.
