PNB alleged that the company had illegally embezzled the funds received from the bank.
New Delhi:
The CBI carried out searches in several places of the country on Thursday after having registered three separate cases against two companies based in Nagpur and a company based in Bhubaneswar concerning loan fraud to the National Punjab Bank totaling more than 125 crore Rs, said officials.
The agency has reserved Linkson Ispat and Energies Pvt Ltd, based in Nagpur, its chairman and chief executive officer Yashwant Sangla, and Linkson International Ltd in which it is a director, in two separate cases for alleged cumulative fraud of approximately 93 crore rupees by misappropriation. loan funds and cheating, they said.
The case against Linkson International Ltd concerns the loss of Rs 62 crore, while that of Linkson Ispat and Energies Pvt Ltd in the amount of Rs 31 crore.
In these two cases, the CBI carried out searches at four places in Nagpur in the residential and official premises of the accused from where the investigative agency recovered financial documents related to the loan, financial health of the company, electronic evidence such as hard drives. among others, officials said. The bank alleged that the coal trading companies used the facilities on the basis of false documents and diverted the loan funds to companies with joint directors.
The bank noted that the chartered accountant who signed the accused company’s financial records erased the financial documents of companies suspected of receiving funds from them.
In an unrelated case, the Central Investigation Bureau (CBI) reserved a Bhubaneswar-based company – Global Trading Solutions Ltd – and its managing director Abinash Mohanty as well as three other former and current directors, in addition to three senior officials from PNB in one case. to cheat the public sector bank of around Rs 32 crore, they said.
The CBI carried out searches of the official and residential premises of officials of the National Bank of Punjab (PNB) and of business leaders in Visakhapatnam (Andhra Pradesh), Calcutta (West Bengal), Jammu (Jammu and Kashmir), Bhubaneswar and Cuttack (both at Odisha), said the CBI in a statement.
“It has been alleged that the said PNB officials had concluded a plot with the private company based in Bhubaneswar through its director (s) with regard to fraud committed during the processing, punishment and disbursement of the installations CC, the submission of invoices and the issuance of letters of credit to the Bhubaneswar firm in 2010-15, “said CBI spokesperson RK Gaur in a statement.
PNB alleged that the company had illegally diverted funds received from the bank to its sister companies / groups in India and abroad “in a clandestine manner” that it could not be detected during the routing banking operations.
The company is said to have embezzled funds from companies with common directors in a criminal plot to defraud the bank, causing the loss of around 32 crore rupees, he added.
(With the exception of the title, this story was not edited by GalacticGaming staff and is published from a syndicated feed.)
