CBI raids liquor trader Bajaj’s premises

Our Correspondent        

Ludhiana, November 5

Believed to be a part of Rs 7,000-crore fraud with public sector banks across the country, a team of CBI officials conducted raids on several residential and business premises of Charanjit Bajaj, a prominent liquor trader, famous as Channi Bajaj group of liquor vends, in the city today.

Raids were conducted simultaneously on Sarabha Nagar, Model Town and Shastri Nagar premises of Bajaj for bank default of around Rs 50 crore. 

Reports said the banks were going out of the way in allowing heavy transactions in the bank accounts despite being in the non-productive assets (NPA) category. While the CBI officials remained tight-lipped, sources said Bajaj was taken in custody for further interrogation. 

Several incriminating documents, books of account and computer data were either minutely examined or seized during the raids.

The CBI team was accompanied by financial experts and auditors, who will be responsible for identifying and assessing documents related to borrowing by defaulters. The money trail indicated by bank transactions will also be cross-checked by the CBI.

“At the same time, role of the bankers will also come under the scanner for extending unsecured loans which ultimately turned into NPAs,” the sources added.