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.
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