Firm Pvt, directors involved in Rs87 cr fraud | Popgen Tech

Mumbai: The Central Bureau of Investigation (CBI) has registered a case against a logistics firm from Surat, with its corporate office in Belapur, Navi Mumbai, its directors and others for allegedly cheating the Punjab National Bank (PNB ) for Rs87. 46 crores. It is alleged that the directors of the firm “dishonestly and fraudulently disposed of the mortgaged asset with the intention of defrauding the bank”.

According to the CBI, a written complaint was received from Uma Shankar Sinha, the Assistant General Manager of PNB from Mumbai, alleging that the accused persons from 2013 to 2017 were part of a criminal conspiracy and led PNB to sanction a term loan (TL) of Rs100. crore for the purchase of 335 vehicles.

According to the FIR filed by the CBI, the company provided a list of only 240 vehicles. No list was provided for the remaining 95 vehicles and the bank suspects that the borrower may have diverted the funds without purchasing them. In addition, the borrower could not maintain financial discipline and the bank had audited an accounting firm hired to verify the genuineness of the transactions.

According to the FIR, “They submitted a report that out of 240 vehicles extended as primary security, only 221 were mortgaged to PNB. Also, one vehicle is mortgaged to SBI and there is no bank charge for 10 vehicles. Details of the remaining eight could not be verified due to non-payment of road tax.”

According to the FIR, it is also alleged that the borrower, against the said credit facilities, had also offered 56 vehicles as collateral security, in which a PNB payment was created for only 27 vehicles; details of 29 could not be verified by the CA due to non-payment of road tax.

During an internal investigation, PNB found that some of the vehicles mortgaged to them are actually financed by Andhra Bank and SBI, showing that the company had made use of multiple financing for the same set of vehicles. It is alleged that the directors of the firm were dishonestly and fraudulently disposed of the mortgaged asset with the intention of defrauding the bank.