CBI Action Bank Fraud Case: The CBI has attached assets worth Rs 35.99 crore in connection with the probe into the alleged bank fraud. The CBI has seized Rs 21.50 lakh in cash, demand drafts of over Rs 6.83 crore and other assets in this case. The officials gave this information on Tuesday (February 28).
The CBI official said that Sterling Motors Company, this action has been taken on the case of several frauds from Punjab and Sindh Bank and the assets worth crores of the company have been seized. During the period from 2009 to 2018, Sterling Motors Company had taken a loan from Punjab and Sind Bank with the help of fake documents to increase the company.
Allegations of embezzlement between 2009-18
The central probe agency said, “The company allegedly availed cash credit limits of Rs 18 crore and bank guarantees of Rs 22 crore during 2009-18 in lieu of principal security for new vehicles, spare parts, accessories and other .” The Sterling Motors Company is alleged to have diverted the money to other banks and later embezzled it.
The house of the accused was raided
“The account was declared a non-performing asset (NPA) with an outstanding of Rs 35.99 crore as on March 31, 2018,” said officials of the central probe agency. “During searches at the premises of accused proprietor Tarun Kapoor and guarantor Pawan Kapoor, CBI recovered Rs 21.50 lakh in cash, five gold watches, eight gold ginnies and 14 demand drafts amounting to Rs 6.83 crore,” he added.
Action was taken in bank fraud earlier also
Earlier, on February 23 and 24, the CBI had raided several places in the bank fraud case of Rs 109.17 crore. In this raid, CBI had recovered many jewellery, FDs, documents of properties from different places. During this, about Rs 80.30 lakh in cash, Rs 8.84 crore in FD, Rs 35 lakh in gold bars and coins were recovered. At the same time, in this raid, documents related to several properties worth Rs 38.86 crore and a large amount of gold and diamond jewelery were recovered.
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