Bank fraud case: 3 directors of a firm, 2 bank officials held

It was further alleged that the directors entered into criminal conspiracy with the bank officials and cheated the bank by way of diversion of the cash credit funds sanctioned for operating business, CBI Spokesperson R K Gaur said.

By: PTI | New Delhi | Published:July 20, 2017 7:54 pm
Punjab National Bank, Punjab National Bank fraud, PNB fraud, bank fraud, bank fraud arrest, indian express news, india news, latest It was also alleged that the accused in connivance with bank officials transferred the funds abroad in favour of foreign suppliers of machines out of the term loan which was neither returned nor machines were received against the foreign remittance, Gaur said.

The CBI has arrested three directors of a Ludhiana-based company and two bank officials for allegedly defrauding Punjab National Bank to the tune of Rs 74 crore. The case was registered against directors of R S Fasteners–Rajesh Kumar Maheshwari, Ajay Kumar Maheshwari, Sanjeev Kumar Maheshwari, the then Chief Manager D K Sethi and an another officer S K Sinha under the charges of criminal conspiracy, cheating, forgery and prevention of corruption act.

It was further alleged that the directors entered into criminal conspiracy with the bank officials and cheated the bank by way of diversion of the cash credit funds sanctioned for operating business, CBI Spokesperson R K Gaur said. They allegedly siphoned off the funds sanctioned for purchase of the machines from the term loans on forged documents, he said.

It was also alleged that the accused in connivance with bank officials transferred the funds abroad in favour of foreign suppliers of machines out of the term loan which was neither returned nor machines were received against the foreign remittance, Gaur said.

He said they alleged diverted the funds and loans through a number of local vendors. “An alleged loss of Rs 74 crore (approx) was caused to Punjab National Bank,” he said.

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