CBI files chargesheet against Mumbai-based pharma company in Rs 60 crore bank fraud case
The Central Bureau of Investigation (CBI) has filed a chargesheet against Mumbai-based MS Ankur Drugs and Pharma Ltd and its director in a two-year-old alleged bank fraud case involving Rs 60 crore. The chargesheet was filed in a Chandigarh CBI court under Sections 420 read with 120 of the IPC and Sections 13(2) read with 13(1)(d) of the Prevention of Corruption Act.
According to the complaint filed by Nand Kishore Barnwal, Chief Manager of Punjab National Bank (PNB) in Chandigarh, on July 17, 2023, Ankur Drugs and Pharma Ltd is a public limited company engaged in manufacturing pharmaceutical formulations. The company, through its directors, availed various working capital facilities from different banks under a consortium arrangement led by the State Bank of India.
In 2009, the company sought financial assistance for a short-term loan of Rs 50 crore and a fresh term loan of Rs 30 crore for executing an expansion plan of its Baddi unit. The total loan granted to the company by PNB was around Rs 60 crore. However, the company failed to fulfil its debt obligations, and the outstanding amount of over Rs 60 crore was declared a non-performing asset (NPA) in 2012.
The bank declared the account fraudulent due to the company’s submission of inflated value stock statements to avail sanctioned working capital facilities. The company allegedly diverted short-term funds for long-term uses, creating capital expenditure. The bank claimed that it was defrauded and cheated by the accused company for Rs 60.29 crore.
The Punjab National Bank formed a committee to investigate staff accountability but found no lapses against any bank officials. The court has issued notices to the accused persons for April 16, 2025.
