News/City Updates

CBI books PNB and an infrastructure company for loan and land fraud in Vizag

A cheating case has been registered by the Central Bureau of Investigation (CBI) on the officials of Punjab National Bank (PNB) and Jubilee Hills-based Infrastructure Company, for faking the bank for Rs 4 crore on a non-existing land in Vizag, as collateral security.

The bank, on conducting an internal investigation, found out that the directors and officials of the infra company have drawn off funds and caused losses to the bank. Also, the advocate made a deal with the borrowers and bank officials and submitted a false search report to avail credit facilities.
The loan amount was then transferred to a fake account and has been used for other purposes. The land which has been offered as collateral security has been found out to be nonexistent.
It has been alleged that the bank officials have not examined the financial data of the company. It was also reported that the company had a ghost director under the name F V Sanyasi. The directors have opened a fake account in the name of Digvijay Mineral and drew the funds.
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This post was last modified on 03/07/2018 2:25 pm

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