The Central Bureau of Investigation (CBI) on Wednesday arrested two former Directors of a private company (Borrower) based at Kathua in Jammu and Kashmir (J&K) in an ongoing investigation into a bank fraud case.
The arrested accused have been identified as Anil Kumar and Praveen Kumar, both former Directors of M/s Bharat Papers Ltd.
A case was registered on February 12, 2020, against the private company (Borrower) and others including its MD, Directors etc. on a complaint from SBI, SAM Branch, Ludhiana.
It was alleged that the accused in conspiracy with unknown officials of State Bank of India, had cheated Bank to the tune of Rs. 87.88 crore (total amount with interest of around Rs.121.13 crore) during the period from 2006 to 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 the 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 that the accused had allegedly diverted funds from the loan account.
Both the arrested accused are being produced before the Court of CJM in Jammu.
( With inputs from ANI )
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