CBI seized Gold, Cash worth Rs.21.50 lakh, Demand Drafts of Rs.6.83 crore in Bank Fraud Case

The Central Bureau of Investigation(CBI) has conducted searches in an on-going investigation of a case at the premises of accused in Delhi which led to recovery of cash of Rs.21,50,000/-(approx); 05 gold watches of different make; 08 gold sovereign/coins; 14 DDs of Rs.6.83 crore(approx); relevant documents and digital devices.

A case was filed on the basis of a complaint from Punjab & Sind Bank against a private company and others, including its Proprietor, Guarantor, and related group companies. It was claimed that the said private company (dealing in four wheelers) obtained a CC limit of Rs.18 crore and a BG(Financial) limit of Rs.22 crore from the bank between 2009 and 2017 in exchange for primary security of new vehicles, spare parts, accessories, and so on. It was further claimed that the abovementioned corporation routed the cash to other bank accounts and linked parties, thereby misappropriating them. The loan account was irregular, and the bank labelled it non-performing on March 31, 2018, with an outstanding balance of Rs.35.99 crore.

The investigation is still ongoing.