The CBI has registered a case of criminal conspiracy, cheating and criminal misconduct against the proprietor of a private company and unknown others for allegedly duping Punjab National Bank (PNB) to the tune of Rs 9.34 crore.
In its complaint to the agency, the bank alleged that the borrower company, involved in mercantile activities and with registered office at Masjid Bunder, did not use the loan amount for the purpose it was sanctioned and diverted the funds to other companies – transactions that did not appear to be genuine considering the nature of the business.
Complaint filed on May 24
The CBI said it received a written complaint dated May 24 from Amrit Pal Singh, chief manager, PNB, Circle Sastra Centre, Thane branch.
As per the agency’s FIR, the accused approached the Vashi branch of the bank between 2013 and 2014 and presented financials and projections of the company for the grant of total loan / credit facilities of Rs9 crore and caused the bank to believe that the loan would help the firm grow its business.
Agency official speaks
“The bank observed that the accused failed to adhere to the terms and conditions of the sanction letters, made defaults in interest… not submitted stocks / book debts since June / July 2013, their account was termed as NPA on Sept 30, 2013. Thereafter, the bank frantically tried to contact the accused but there was no response,” the agency stated. As per the FIR, the bank reported the suspected fraud to the RBI on October 15, 2014.
