Punjab National Bank fraud: CBI gets sanction to prosecute 6 officers

Chandigarh, January 10

Five years after registration of an FIR in an alleged Rs 1,300-crore scam involving Punjab National Bank’s (PNB) corporate branch here, the Central Bureau of Investigation (CBI) has received prosecution sanction against six bank officers. The CBI has submitted the sanction orders in the CBI court here.

The CBI has already filed a chargesheet in the case against directors of company M/s Kudo Chemie Ltd Jitender Singh, Gurmeet Kaur and nine senior bank officials for offences punishable under Sections 420, 467, 468 and 471 read with Section 120B of the Indian Penal Code and under the Prevention of Corruption Act.

While the competent authority has given prosecution sanction against six officers, it has denied the same against three others.

The CBI had registered the FIR on a complaint filed by the Chief Manager, PNB, Sector 17-B, against the company and its directors in 2017 regarding the alleged fraud.

In the chargesheet, it alleged the company through its directors submitted various alleged fake bills for discounting. On some occasions, the firm generated an entire set of documents for exporting goods, but cancelled the same in order to raise capital from the bank in crores. The company secured various loans from the PNB and other consortium banks.

The company’s accounts were classified as a non-performing asset on March 31, 2016. The accused bank officials by allegedly abused officials positions to help the firm and its directors.

The chargesheet stated during investigation it was revealed 288 exports bills amounting Rs 373 crore of total 330 bills submitted by the firm had been established as forged and the company in criminal conspiracy with officials got discounted the forged bills, causing wrongful loss to the bank to the tune of Rs 1,301.67 crore.

The chargesheet has been filed by the investigating officer, CBI’s Bank Frauds and Securities Branch, New Delhi.

Meanwhile, the accused have filed anticipatory bail applications in the CBI Court. The court has adjourned the hearing in the case till February 28. —TNS

Rs 1,300-cr fake bill scam

• CBI had lodged FIR on a plaint filed by Chief Manager, PNB branch, Sec 17-B, against M/s Kudo Chemie Ltd and directors in 2017 regarding alleged fraud
• Firm is accused of securing various loans from PNB and other consortium banks through fake documents, in cahoots with nine bank officials
• Of 330 export bills submitted by firm, as many as 288 amounting to Rs 373 cr were established as forged, causing loss to the bank of Rs 1,301.67 cr