Sleuths from the CBI on Thursday raided the residence of Gurinder Kumar Garg, a city-based chartered accountant and associate of controversial advocate Mukesh Mittal, who is under the ED scanner for alleged money laundering, in a case of bank fraud, involving more than Rs 52 crore.
The CBI team, which came from Delhi, also searched the residence of Nishan Lal, a suspended manager of the State Bank of Bikaner and Jaipur branch in Sector 11 of Panchkula, who is Garg’s co-accused in the case.
Garg, Nishan Lal and four unknown persons have been booked on the charges of criminal conspiracy, breach of trust, cheating, forgery of valuable security and under the Prevention of Corruption Act.
Sources said Garg had taken a loan of Rs 52.5 crore from the bank in 2011 on the basis of certain work orders for an alleged shell construction company. The company, Sarvodaya Highways Private Limited, had the same address as that of a few of Mittal’s shell companies in Sector 8 of Chandigarh.
CBI sources said Garg was Mittal’s chartered accountant. Also, Garg and Mittal were both directors in one of Mittal’s shell companies, Sanjivani Infratech Private Limited.
Garg did not repay the bank. On checking the sites for which Garg had submitted work orders, bank officials found that no work was actually being done. A report was sent to the bank headquarters in Delhi which approached the CBI’s Bank Securities and Fraud Cell.
After verification, a case was registered. The bank suspended Nishan Lal, the manager who had passed the loan.
On Thursday, CBI teams raided three locations in Chandigarh and Panchkula, including Garg’s residence in NAC, Manimajra, Nishan Lal’s residence in Panchkula and the bank branch in Sector 11 of Panchkula. Incriminating documents and hard drives of computers were seized.
The loan was taken on a cash credit limit account and Garg had withdrawn the entire amount. Apart from the loan, Garg owed the bank an interest of Rs 20 crore, sources said.