A special Central Bureau of Investigation (CBI) court has granted bail to 11 accused people in ₹100-crore loan fraud case involving Punjab National Bank (PNB).
The court stated that the investigation is complete, no custodial interrogation was sought during the probe, and all material evidence has already been seized. The court further noted that “nothing remains to be recovered or discovered” from them.
The bail was granted to promoters/ directors of Siddhi Vinayak Logistics Limited (SVLL) – Roopchand Baid, Deepak Kumar Baid, Rajkumar Roopchand Baid and Laxmidevi Baid. Also named are Srikant Swain of Addplus Distributors Pvt Ltd and Anand Vijaikumar Singh of Transport Solutions India Pvt Ltd.
The court also granted bail to former and serving bank officials, including then PNB chief manager Prakash Chandra Patra, retired deputy general manager Vinod Chakradhar Joshi, manager (credit) Swati Sadhale alias Swati Kunnure, AGM and branch head Pradeep Kumar Varun, and valuer Dilipkumar Kantilal Gheewala.
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What is the case all about?
A written complaint dtd. 31.03.2021 was filed by Sh. Uma Shankar Sinha, Asstt, General Manager, Punjab National Bank, Zonal SASTRA Centre, Mumbai alleging that the above named accused persons during the period 2013 to 2017 cheated Punjab National Bank of crores of rupees.
In pursuance of the aforesaid Criminal Conspiracy, the accused Directors of M/s. SVLL induced the Punjab National Bank to sanction Term Loan of Rs.100 Crores and disburse the loan proceeds for purchase of 335 vehicles.
It is alleged in the complaint that the company i.e. M/s. SVLL had committed Fraud by availing Term Loan of Rs.100 Crores. The Term Loan was sanctioned for the purpose of purchase of 335 vehicles against which the company provided list of 240 vehicles only.
As regards 95 remaining vehicles, no list is provided and bank suspects that the borrower did not purchase 95 vehicles and might have diverted the funds. Further, the borrower could not maintain the financial discipline and bank has appointed M/s. Shah Patel & Co., Chartered Accountant to verify the genuineness of the transactions.
They submitted a report that out of 240 vehicles extended as Primary Security, only 221 were hypothecated to PNB. Further, 1 vehicle is hypothecated to SBI and in respect of 10 vehicles, there is no charge of any bank.
The details of remaining 08 vehicles could not be verified due to non-payment of road taxes. It is further alleged in the complaint that against the said credit facilities, borrower had also offered 56 vehicles as collateral security, in which also charge of PNB was created on 27 vehicles only and details of 29 vehicles could not be verified by the CA due to non-payment of road taxes.
During the internal investigation, PNB found that some of the vehicles hypothecated to them are actually financed by Andhra Bank and SBI, which show that SVLL has availed multiple finance for the same set of vehicles.
It is alleged that Directors of M/s. Siddhi Vinayak Logistics Ltd. (SVLL) have dishonestly and fraudulently disposed off the hypothecated asset with a view to cheat the bank. RTO registration of 95 vehicles were not submitted by the Company.
Either borrower did not purchase 95 vehicles or they were not registered with appropriate RTO. The aforesaid facts disclose commission of offences of criminal conspiracy, cheating, forgery and use of forged documents as genuine and criminal misconduct by the accused persons named above in collusion with unknown public servants and unknown others.
This led to wrongful loss of Rs.87.46 Crores (as on 09.01.2017 i.e. on the date of declaration of fraud) and corresponding wrongful gain to accused persons.
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