CBI will get sanction to prosecute 6 officers: The Tribune India | Popgen Tech


Chandigarh, January 10

5 years after the registration of an FIR in an alleged Rs 1,300 crore rip-off involving the company department of Punjab Nationwide Financial institution (PNB) right here, the Central Bureau of Investigation (CBI) has obtained prosecution sanction towards six financial institution officers. The CBI submitted the sanction orders within the CBI courtroom right here.

The CBI has already filed a chargesheet within the case towards firm administrators M/s Kudo Chemie Ltd Jitender Singh, Gurmeet Kaur and 9 senior financial institution officers for offenses punishable below Sections 420, 467, 468 and 471 learn by Part 120B of the Indian Penal Code and below the Prevention of Corruption Act.

Whereas the competent authority sanctioned prosecution towards six officers, it denied the identical towards three others.

The CBI had registered the FIR on a criticism lodged by the Chief Supervisor, PNB, Sector 17-B, towards the corporate and its administrators in 2017 concerning the alleged fraud.

Within the chargesheet, it’s alleged that the corporate by its administrators submitted a number of alleged pretend payments for low cost. On some events, the agency generated an entire set of paperwork for export of products, however canceled the identical so as to increase capital from the financial institution in crores. The corporate obtained a number of loans from PNB and different consortium banks.

The corporate’s accounts have been labeled as non-performing belongings on 31 March 2016. The financial institution officers accused of allegedly abusing official positions to assist the agency and its administrators.

The chargesheet acknowledged throughout the investigation that it was revealed 288 export invoices amounting to Rs 373 crore of the entire 330 invoices submitted by the agency had been established as cast and the corporate in prison conspiracy with officers obtained discounted the cast payments, and prompted a nasty loss to the financial institution to the tune of Rs 1,301.67 crore.

The cost sheet was introduced by the investigating officer, CBI Financial institution and Securities Frauds, New Delhi.

In the meantime, the accused filed anticipatory bail functions within the CBI Court docket. The courtroom adjourned the listening to within the case to February 28. —TNS

Rs 1,300-cr pretend invoice rip-off

  • CBI had lodged an FIR on a criticism filed by Chief Supervisor, PNB department, Sec 17-B, towards M/s Kudo Chemie Ltd and administrators in 2017 concerning alleged fraud
  • An organization is accused of acquiring a number of loans from PNB and different consortium banks by false paperwork, in collusion with 9 financial institution officers
  • Out of 330 export payments submitted by the agency, as many as 288 amounting to Rs 373 cr have been discovered to be cast, inflicting a loss to the financial institution of Rs 1,301.67 cr


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