Punjab CM's son-in-law among 13 booked for bank fraud

The agency has named the company's chairman and managing director, its directors, CEO, chief financial officer and unknown bank officials and other private persons, under charges of criminal conspiracy, cheating, forgery slapping sections under Prevention of Corruption Act for causing loss to the bank. On May 13, 2015, the bank declared it as loan fraud of Rs 97.85 crore to the Reserve Bank of India.

The case was booked against Karol Bagh-based Dwarka Das Seth International Pvt Ltd for alleged bank loan fraud to the tune of Rs 389.85 crore towards the public sector bank.

In the aftermath of the Punjab National Bank scam, banks have now become more pro-active in sending complaints to the CBI.

As per the MoU, out of the sugarcane price to be paid by Simbhaoli Sugars to the farmers, loan liabilities were to be adjusted and the remaining amount was to be paid by the company to the farmers, said the FIR.

The investigation conducted by the bank found that the company used the letter of credit to pay for the purchase of gold and other precious gems.

The second loan was declared NPA on November 29, 2016, almost 20 days after scrapping of Rs 1,000 and old Rs 500 notes was announced, according to the CBI FIR. The corporate loan, too, turned NPA on November 29, .2016.

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It is notable that industrialist Vikram Kothari, the promoter of Rotomac Pens, and his son Rahul Kothari, were arrested on Thursday in Rs. 3,700-crore loan default case. Of this, Rs 97.85 crore was declared non-performing asset (NPA).

In a bid to recover the dues, the bank had also approached the buyers, including Devi Jewells, Mannat FZE and PlatDiam International, but without any success. The second loan was declared NPA (non-performing asset) on November 29, 2016, almost three weeks after demonetisation of Rs 1,000 and Rs 500 notes was announced.

"390 Crore, involving a Delhi based jeweller".

In the complaint, Bank of Maharashtra said, "The overvalued valuations were deliberately given in connivance with the borrowers and the guarantors... to fraudulently induce the bank to finance the borrower".

The investigation agency has filed two FIRs against Inder Chand Chundawat, former senior branch manager at PNB's Barmer branch.

According to the OBC complaint, the company had approached the bank in 2011 seeking around Rs 149.