The CBI has booked former CMD of United Bank of India Archana Bhargava for amassing disproportionate assets to the tune of Rs 3.6 crore between 2004 and 2014.
In an FIR registered on Wednesday, the CBI alleged that as Executive Director of Canara Bank and as CMD of United Bank, Bhargava amassed wealth disproportionate to her known sources of income between April 1, 2004 and Februray 20, 2014.
The agency has also conducted searches at her residence and the office premises of Rank Mercantile Pvt Ltd in Delhi, Noida and Mumbai. The agency claimed to have recovered “heavy cash”, gold and documents related to movable and immovable assets in her and her family’s name.
Bhargava, who joined the Punjab National Bank as a management trainee in 1997, acquired these assets in the name of her husband and son in the last 10 years of her career, the CBI alleged.
Bhargava resigned as CMD, United Bank of India, on February 25, 2014 after the Reserve Bank of India initiated a probe against her and the bank regarding piling up of bad loans in the last two quarters of 2013-14.
The RBI had in December 2013, after conducting a forensic audit in November that year, restrained the United Bank of India from advancing credit of more than Rs 10 crore to a single borrower and also restricted it from restructuring stressed assets.
The bank had reported a net loss of more than Rs 1,200 crore in December quarter that year.
Following this, in September 2016, the CBI registered a case of alleged corruption against Bhargava and two companies associated with her.
During searches, the CBI had recovered cash, jewellery and investment details to the tune of over Rs 10 crore.
“It was alleged that the then public servant while posted as ED of Canara Bank in the year 2011 and as CMD of United Bank of India in the year 2013 had abused her official position and obtained certain amounts for herself or for a New Delhi-based private firm (owned by her husband and her son), from the companies to whom various credit facilities were granted by the banks, where she had worked,” then CBI spokesperson had said.