
A special CBI court has formally charged nine individuals in connection with a ₹1,301.67-crore bank fraud case from 2017. The case involves a city-based company and bank officials allegedly deceiving a consortium of banks, led by Punjab National Bank.
Charges and Accused:
The charges have been framed under various sections, including 120-B r/w 420, 467, 468 & 471, and 13(1) (d) of the Prevention of Corruption Act. The accused include M/s Kudos Chemie Limited, its directors Jitendra Singh, Gurmeet Sodhi, and PNB, LCB, Chandigarh staff, including the then chief manager Om Prakash Kathpal and managers Kamlesh Wadhawan, Devinder Kumar Gupta, Vijay Kumar Arora, and Anil Kumar Khosla.
Background of the Case:
The CBI initiated an FIR on April 7, 2017, based on a written complaint from Punjab National Bank, Large Corporate Branch, Chandigarh. The bank accused the company and its directors of discounting 330 export bills from July 2012 to November 2014, using fake documents and diverting funds from credit facilities.
Investigation Findings:
The CBI investigation revealed that the accused public servants, in collaboration with the company directors, caused a wrongful loss of ₹1,301.67 crore to the bank. They abused their official positions by recommending the sanction of substantial funds to the accused company, disregarding margin requirements.
Misuse of Funds:
The CBI pointed out that the bank officials were aware of the company’s account statements but allowed the use of funds obtained through bill discounting for purposes other than the sanctioned loan.
Prosecution’s Argument:
The public prosecutor for the CBI, Narinder Singh, emphasized that economic offenses like these are intricate conspiracies leading to significant wrongful loss of public funds. He stressed the seriousness of such financial offenses, affecting the overall economy and posing a threat to the financial health of the country.
Conclusion:
The court has formally framed charges against nine accused individuals, while the concerned department has not granted sanction for three remaining accused persons. The CBI stated that further investigation in the case is ongoing.
PNB, always part of scams, I think the top management of PNB must be lazy and people not committed to morals and honesty. Bunch of scoundrels. Very Bad trend right from Gitanjali affairs.
Since PNB merged with UBI I lost money amount is 30lacs, it was my FD and on that bank fave loan of 28lac, from FD interest amount directly submitted to my loan account, and when FD was expired it was redeposited and the total interest amount submitted to that loan account.
When New ONB branch Manager joined from then problem started and when he left he just with the help of the Nodal Manger swipe off the money closed the account.
I wrote so many mails but till date no solutions. Bank didn’t bothered to inform me before closing my account, which actualy was their duty.
All the original documents were lying with bank . The last redeposited done where it was mentioned it will expired by 2024, but the Manger said it already expired on 2019 and PNB HO said its already expired on 2023 So much controversies , they said they called me same with the manager lied on my face that he called me so many time and I didn’t reply back, my money amount 39lac and after going several call I didn’t bothered to reply isnt that sound fissy??. 30 lac is my hard earned money and not a matter of joke. I asked to proof eith records of phone calls, but they failed. I was very frequently visited bank pass book is the proof and I met the Manager and discussed if I add 5000 rs with the loan amount will that help to keep the balance okay. And he said I didn’t contact back. Isn’t it strange?
Till date am awaiting but no help. I have been cheated by PNB too.
My question was : Without informing their customers, and without customers concern how can bank people touch customer’s money. Howwww??? I am still looking for justice. I want my money back
Lodge RBI ombudsman complaint
People involved should be crucified in public.
Such incidents tarnish the image of our institution. It means we were fools who did their job tirelessly and honestly right from joining the bank till retirement. Culprits involved must be brought to book to set precedents for the working staff from zero to the top level.