The CBI on Saturday searched premises associated with AAP MLA from Punjab, Jaswant Singh, in connection with a case of loan fraud amounting to Rs 40.92 crore and allegedly involving a company in which Singh is a director. This comes a day after Punjab Police arrested BJP leader Tajinder Pal Singh Bagga, leading to a clash between Punjab Police and Delhi Police, which filed an FIR against the personnel of the former. “The Central Bureau of Investigation is today conducting searches at three locations, including at Malerkotla (Punjab), at the premises of accused including private firms, Directors/Guarantors in an ongoing investigation of a bank fraud case. Cash of Rs 16.57 lakh (approx), around 88 foreign currency notes, some property documents, several bank accounts and other incriminating documents were found and recovered during searches,” the CBI said in a statement. According to CBI, it registered a case of bank loan fraud against Tara Corporation Ltd (later renamed Malaudh Agro Ltd), in which Singh is a director, based on a complaint from Bank of India, Ludhiana branch. The company is based in Gaunspura, in Malerkotla tehsil of Punjab. Along with Singh and the company, CBI has booked Balwant Singh, Kulwant Singh and Tejinder Singh, all directors in the company, in the case. The agency has also booked a related entity, Tara Health Foods, and its directors. CBI sources said all directors of the company were found to be residing in the same house and were related. During searches, CBI also found 94 cheques bearing signatures of different people, along with as many Aadhaar cards, it was informed. A CBI officer said: “Jaswant, Balwant and Kulwant are brothers; Tejinder is Kulwant’s son. They all live in the same house. They are also directors in Tara Foods, which is a guarantor for the loan taken by Tara Corporation.” According to CBI, Tara Corporation was engaged in trading of DOC rice bran, DOC mustard cake, cottonseed cake, maize, bajra and other foodgrain. “The borrower firm was sanctioned loans at four intervals from 2011-2014 by the Bank,” the agency stated. “It was alleged that the firm through its directors had concealed hypothecated stock and diverted book debts with mala fide and dishonest intention so that the same were not made available to the creditor Bank for inspection and for effecting recovery as secured creditor.” The CBI alleges that this caused a loss of Rs 40.92 crore to the bank.
