CBI CONDUCTS SEARCHES AT 47 PLACES IN 6 STATES WITH RESPECT TO 22 LOAN FRAUD CASES OF PUNJAB NATIONAL BANK BRANCHES OF MP

New Delhi, 20th January – The Central Bureau of Investigation has registered 22 cases against certain officials including Chief Managers of Punjab National Bank relating to 04 Branches at Bhopal and Ujjain (Madhya Pradesh) and other accused on a complaint from the Bank.

It was alleged by the bank in its complaint that certain officials of the Bank fraudulently sanctioned and disbursed loans to private persons dealing in the business of Coal during the period from 2011 to 2016. It was alleged that the loans were sanctioned against inflated valuation of the collateral securities. The said borrowers thereafter disposed off the primary security without depositing the proceeds with the Bank, thereby causing alleged loss of Rs.80 crore (approx.) to the Bank.

Searches were conducted at the office and residential premises of accused at 47 places at Bhopal, Ujjain, Indore & Vidisha (Madhya Pradesh); Kaithal & Gurugram (Haryana); Hoshiarpur (Punjab); Noida & Agra (Uttar Pradesh); Mumbai (Maharashtra) and Delhi. These searches have led to the recovery of incriminating documents, stamps, hard discs and details of Bank lockers.

Investigation is continuing.