New Delhi,May 16,2018 : The Central Bureau of Investigation has today filed a charge sheet u/s 120-B r/w 409 & 420 of IPC & Sec 13(2) r/w 13(1) (c) & (d) of the Prevention of Corruption Act, 1988 and substantive offences thereof against a Managing Director of Mumbai based private company & his three companies (including gems and jewellery) based at Mumbai; their four employees/associates, and 10 officials of the Punjab National Bank including the then MD & CEO, two Executive Directors & one General Manager in the Court of Special Judge, CBI cases, Mumbai on the allegations of committing a fraud of Rs.7080.86 crore (approx) perpetrated on the Punjab National Bank.
CBI had registered the case on 15.02.2018 against a Managing Director of a private company based at Walkeshwar, Mumbai; three Mumbai based private companies; 10 Directors of three private companies based at various places including Mumbai, Pune, Coimbatore(Tamil Nadu); then Deputy Manager(now Retired) of Punjab National Bank; another official and unknown public servants & others on a complaint dated 13.02.2018 received from Punjab National Bank. It was alleged that the accused persons had hatched a criminal conspiracy amongst themselves and had defrauded the Punjab National Bank to the tune of Rs. 7080.86 crores (approx) by fraudulently issuing Letters of Undertaking to overseas banks for obtaining Buyer’s Credit and also issuing Foreign Letters of Credit in favour of the three companies of said Managing Director without any sanctioned limit or cash margin & without making entries in the CBS system of the bank. During the investigation, CBI conducted searches at 52 premises and arrested several persons. A large number of witnesses were examined and voluminous documents were also collected.
Further investigation is continuing.
The public is reminded that the above findings are based on the investigation done by CBI and evidence collected by it. Under the Indian Law, the accused are presumed to be innocent till their guilt is finally established after a fair trial.