Central Bureau of Investigation (CBI) has registered a case against a private company and others on a complaint by Punjab National Bank for allegedly defrauding a consortium of banks to the tune of about Rs 221 crores.
"The CBI has registered a case against a New Delhi/Aligarh based private company and others including directors/nominee directors of the company and unknown public servants and private persons on a complaint from Punjab National Bank, on the allegations of defrauding a consortium of PNB, Dena Bank (now Bank of Baroda), Central Bank of India and Indian Bank, to the tune of Rs 221.72 crore approximately," an official release said.
It was alleged that the private company (borrower), engaged in export of meat and its products, was sanctioned credit facilities (in the form of pre-shipment and post-shipment facilities) of Rs 200 crore (approx) by the consortium of banks in January 2011 which was then enhanced to Rs. 357.61 crore(approx) during March to September 2015 by these banks.
The release said that the credit facilities were required to be used for making 100 per cent export but the company utilized export credit facility in order to fund the domestic sales. It was also alleged that the borrower company transferred the funds to various related companies without any underlying business activities.
Searches were conducted Thursday at five locations including official and residential premises of the accused in New Delhi and Aligarh which led to recovery of incriminating documents.