The Central Bureau of Investigation (CBI) on Wednesday arrested two then-directors of a private company (borrower) based at Kathua in Jammu and Kashmir (J and K) in an ongoing investigation of a bank fraud case.
The arrested accused have been identified as Anil Kumar and Praveen Kumar, both then directors of M/s Bharat Papers Ltd.
A case was registered on February 12, 2020, against the private company (borrower) and others including its managing director, directors, etc, on complaint from the SBI, Stressed Assets Management (SAM) branch, Ludhiana.
It was alleged that the accused in conspiracy with unidentified officials of State Bank of India had cheated the Bank to the tune of Rs 87.88 crore (total amount with interest of around Rs 121.13 crore) during the period from 2006 till 2019 by illegally removing machinery and other parts without getting prior permission or without informing the lender banks. The proceeds/value of, such machines, motors, etc, had not been deposited in the account.
It was further alleged that the accused stealthily removed the imported/indigenous machinery of pulp section and other parts from the factory without the knowledge of the bank.
It was also alleged that the accused illegally sold machinery parts as scrap and arranged fake invoices to cover up the said illegal sale.
It was found during the investigation the accused had allegedly diverted funds from the loan account. Both the arrested accused are being produced before the court of chief judicial magistrate (CJM) in Jammu.
( With inputs from ANI )
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