CBI searches against Punjab AAP MLA over Rs 40-crore bank ‘fraud’ | Delhi News

LUDHIANA: Central Bureau of Investigation (CBI) on Saturday conducted raids at several locations in Punjab including residence of Aam Admi Party (AAP) MLA from Amargarh , Jaswant Singh located at Village Gajjan Majra near Malerkolta.
The raids were conducted in connection with Rs. 40.92 crore bank fraud case registered by CBI against two companies including M/s Tara Corporation Ltd in which Singh was one of the directors. CBI has alleged that the companies and its directors had borrowed loan to the tunes of several crores from Bank of India’s Ludhiana branch on pretext of using it for business but instead diverted the money for other purposes.
CBI meanwhile in a statement issued said, “CBI is today conducting searches at three locations including at Malerkotla (Punjab) at the premises of accused including private firms, Directors and Guarantors in an ongoing investigation of a bank fraud case. A cash of Rs. 16.57 lakh (approx), around 88 foreign currency notes, some property documents, several bank accounts and other incriminating documents were found & recovered during searches. A case was registered on complaint form Bank of India, Ludhiana against a Private firm based at Gaunspura, Tehsil- Malerkotla (Punjab) and others including then Directors, Guarantors of private company, another private firm & Unknown Public Servants/Private Persons. It was alleged that the said private firm based at Gaunspura, Malerkotla was engaged in trading of DOC Rice Bran, DOC Mustard Cake, Cottonseed Cake, Maize, Bajra and other food grains. The borrower firm was sanctioned loans at 4 intervals from 2011-2014 by the Bank”
The statement also said, “It was further alleged that the firm through its directors had concealed hypothecated stock and diverted book debts with malafide & dishonest intention so that the same were not made available to the creditor Bank for inspection and for effecting recovery as secured creditor. An alleged loss of Rs 40.92 crore (approx) was caused to Bank. The account was classified as NPA on March 31st 2014 and based on anomalies, the account was declared as fraud on February 9th 2018 with an outstanding amount of Rs 40.92 crore (approx). It was also alleged that the loan availed by the accused has not been used for the purpose for which it was availed and investigation is continuing”
The companies and persons who have been named as accused by CBI in this case include M/s Tara Corporation Ltd (renamed as Malaudh Agro Ltd.) Gaunspura, Tehsil- Malerkotla (Punjab) , Balwant Singh then Director & Guarantor, Jaswant Singh then Director & Guarantor, Kulwant Singh then Director & Guarantor , Tejinder Singh then Director & Guarantor , M/S Tara Health Foods, Ltd, through its Directors and unknown Public Servants/Private Persons.

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