CBI conducts searches in two financial institution fraud circumstances value Rs 340 crore


Tribune News Service

New Delhi, Jan 15

The anti-graft probe agency CBI on Friday said it had conducted searches at multiple locations as part of its investigation into the two separate bank fraud cases, including the one against a Karnal-based Hari Har Overseas Private Ltd, involving an amount of Rs 340 crore.

Officials in the agency said in the case relating to Hari Har Overseas Private Ltd, the CBI registered a case on a complaint by Punjab National Bank against the company and others, including its directors/guarantor and unknown public servants/persons, for causing an alleged loss of Rs 121.75 crore (approximately) to bank.

The officials said the PNB in its complaint had alleged that the accused company “had fraudulently sold its stock as well as machinery, which was hypothecated to it and had also not deposited the sale proceed with bank”.

It was also alleged that as per the Forensic Audit, the borrower company had falsified its financial data to avail the loan facilities.

The officials said the searches were conducted at three locations, including official and residential premises of the accused at Nissing in Karnal, which led to recovery of a number of incriminating documents.

In another incident, the agency registered a case on the complaint by State Bank of India against Delhi/Noida-based Naftogaz India Private Limited, the borrower company, and others, including its CMD and unknown public servants/persons, “for causing an alleged loss of Rs 219.81 crore (approximately)” to the bank.

The officials said the SBI in its complaint had alleged that the accused persons and the company had cheated the bank “by way of diversion of funds, fraudulent transactions, criminal misappropriation and submission of false stock/debt statements etc”.

The SBI complaint says that company incorporated in 2005 started as EPC contractor for exploration, drilling, extraction and production of mineral oils, natural gas and petroleum products.  “The alleged fraud came to light when Forensic Auditors submitted the report on February 18, 2020 for the period April 1, 2010 to March 31, 2014,” the SBI said.

The officials said searches were conducted at three locations in Delhi-NCR, including the office and residential premises of the borrower company and other accused.



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