Punjab National Bank Scam: CBI Registers Second FIR, 20 Properties Being Raided Across 5 States

Mumbai – The Central Bureau of Investigation has registered a case on 15.02.2018 U/s 120B r/w 420 of IPC and 13(2) r/w 13(1)(d) of PC Act against a Managing Director of a private company based at Walkeshwar, Mumbai; three Mumbai based private companies; 10 Directors of three private companies based at various places including Mumbai, Pune, Coimbatore(Tamil Nadu); then Deputy Manager(now Retired) of Punjab National Bank; another official and unknown public servants & others on a complaint dated 13.02.2018 received from Punjab National Bank.

It was alleged in the complaint by Punjab National Bank that 3 private companies based at Mumbai and their Promoter/Director in connivance with then Deputy Manager, Punjab National Bank and other official had caused an alleged loss of Rs.4886.72 crore(approx) to the bank. The accused officials in conspiracy with the private persons had sent unauthorised LoUs and Foreign Letters of Credit to overseas branches of Indian banks based on which the overseas bank branches released funds to the suppliers of said companies or cleared the liabilities outstanding against the said companies.

Searches are being conducted today in 5 states at 26 locations, including Mumbai, Pune, Surat, Jaipur, Hyderabad, Coimbatore at the official & residential premises of accused including said private companies & their Directors; factories/plants etc which led to recovery of incriminating documents and other items.