By LE Desk

Chandigarh, March 23: A special CBI court has framed charges against five persons, including directors of Arvind Machine Tools Private Limited, proprietor of Punjab Steel Scrap Corporation and retired officials of Indian Overseas Bank (IOB), Sector 7-C, for causing wrongful loss to the bank to the tune of ₹7.29 crore.

The court on Monday framed charges against Arvind Machine Tools Private Limited director Sahil and his mother Daljit Kaur, proprietor of Punjab Steel Scrap Corporation Parminder Singh, then IOB branch manager Adarsh Kumar Rajwanshi and former senior manager Raj Kumar Panjla.

The court has already declared Amarinder Singh Gorwara, another director of Arvind Machine Tools Private Limited, as proclaimed offender.

The charges were framed under sections 120-B, 420, 467, 468 and 471 of the Indian Penal Code and Prevention of Corruption Act. The court would start recording evidence in the case from June 4, the Hindustan Times reported.

The CBI on October 7, 2015, had registered an FIR following a complaint by IOB chief regional manager DC Kar.

As per the FIR, the firm (Arvind Machine Tools) was engaged in manufacturing of auto components. Arvinder (now deceased) and Amarinder were the company directors, but in 2014, Arvinder was removed and Sahil was made the director without the knowledge and consent of the bank.

The investigations revealed that in order to siphon off money from the bank, the firm made transactions through RTGS in the accounts of multiple bogus companies.

It was mentioned by CBI that due to the omissions and commissions on part of the accused, the bank was defrauded to the tune of ₹7.29 crore by using fabricated documents.

The special CBI court has discharged two IOB officials — then senior manager Vijay Kumar Grover and then chief manager Satya Kumar Pareek.

They were discharged on basis of a letter of the bank’s vigilance department whereby grant of sanction for prosecution against Grover and Pareek has been declined by the general manager, disciplinary authority of IOB.

Even the chief vigilance officer had declined the grant of sanction for prosecution against both the accused persons while agreeing with the competent authority’s decision. “This court cannot take cognisance against accused Grover and Pareek and therefore, they are ordered to be discharged from the offences,” said the court order.

https://www.hindustantimes.com/cities/chandigarh-news/729cr-bank-fraud-cbi-court-frames-charges-against-5-including-retired-officials-of-indian-overseas-bank-101616443792017.html

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