Rs.1,518 Lakh fraud in Punjab National Bank, CBI files FIR

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Punjab National Bank: The Central Bureau of Investigation (CBI) has lodged an FIR against Eternal Motors Private Limited, a Gujarat-based company, along with its promoter Shubodh Kumar Jain, Shalini Shubodh Jain, their son Namit Jain, and others. The allegation is that they cheated Punjab National Bank (PNB) for an amount of Rs 1,518 lakh.

Eternal Motors Private Limited was a dealer of Maruti Suzuki India Pvt. Ltd and primarily engaged in selling cars manufactured by Maruti. However, their dealership was terminated by Maruti Suzuki India Pvt. Ltd on March 6, 2021.

According to PNB’s complaint, in 1998, Subodh and Shalini, who identified themselves as directors of Eternal Motors Pvt. Limited, approached the bank for financial assistance to expand their business as a dealership for Maruti Suzuki cars. Initially, PNB sanctioned a credit limit of Rs 1,650 lakh.

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In addition to PNB, the accused individuals also obtained loans from other banks and financial institutions.

However, the company failed to repay the principal and interest, leading to irregular accounts and the loan accounts turning into non-performing assets (NPA) on June 29, 2021.

The bank attempted to recover the loan by selling the company’s properties, but there is still an outstanding amount of Rs 1,518 lakh.

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This forms the basis of the FIR filed by the CBI, which aims to investigate the alleged fraud and bring the responsible parties to justice.

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