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Chandigarh: CBI court grants bail to four former bank officials in 2015 fraud case

The complainant had alleged that directors of Arvind Machine Tools Private Limited, Mohali, a company engaged in manufacturing auto components had siphoned money, causing loss to the bank.

By: Express News Service | Chandigarh | Updated: October 30, 2019 6:06:15 am
Chandigarh: CBI court grants bail to four former bank officials in 2015 fraud case Arvinder Singh Gorwara (now deceased) and Amarinder Singh Gorwara were the directors of the company.

THE SPECIAL CBI court of Chandigarh has granted bail to four former bank officials of Indian Overseas Bank, who have been booked in a case of fraud for allegedly causing a loss of around Rs 7.29 crore to the bank. The bail has been granted to Raj Kumar Panjla, Satya Kumar Pareek, Vijay Kumar Grover and Adarsh Kumar Rajwanshi, by furnishing bail bonds of Rs 1 lakh each, by the Court of ADJ Dr Sushil Kumar Garg.

As per the Prosecution, the matter pertains to 2015, when the CBI had registered an FIR against eight persons, including four retired officials of Indian Overseas Bank. The FIR was registered on the complaint of DC Kar, Chief Regional Manager, Indian Overseas Bank, on October 7, 2015.

The complainant had alleged that directors of Arvind Machine Tools Private Limited, Mohali, a company engaged in manufacturing auto components had siphoned money, causing loss to the bank.

Arvinder Singh Gorwara (now deceased) and Amarinder Singh Gorwara were the directors of the company. On January 15, 2014, Sahil Gorwara was made the director of the company after removing Arvinder Singh Gorwara without informing the bank. As per the allegations, then in order to siphon off money from the limited account, Arvind Machine Tools Private Limited made transactions through RTGS in the accounts of various bogus firms floated for this purpose and due to the omissions and commissions on the part of the accused, Indian Overseas Bank was defrauded to the tune of Rs 7.29 crore on the basis of false and forged documents.

The accused Amarinder Singh Gorwara, his son Sahil Gorwara and his wife Daljit Kaur Gorwara, directors, Arvind Machine Tools Private Limited, Parminder Singh, proprietor, Punjab Steel Scrap Corporation, Adarsh Kumar Rajwanshi, then AGM/Branch Manager, Indian Overseas Bank, Sector 7, Chandigarh, Vijay Kumar Grover, then Senior Manager, Indian Overseas Bank, Satya Kumar Pareek, then Chief Manager, Indian Overseas Bank, and Raj Kumar Panjla, then Senior Manager, Indian Overseas Bank, are facing charges under sections 120-B, 420, 467, 468 and 471 of the IPC and Section 13(2) read with 13(1)(d) of the Prevention of Corruption Act.

Another accused Arvinder Singh Gorwara died and was hence not chargesheeted.

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