Central Bureau of Investigation’s Bhopal branch on Friday registered 22 cases against the employees of Punjab National Bank and others and conducted simultaneous raids in Bhopal and Ujjain for alleged fraudulent disbursement of loans and credit limits to different private parties dealing in the business of coal during the period from 2011 to 2016.
The investigations revolve around four branches in Bhopal and Ujjain (MP) and FIRs were registered on the basis of complaint lodged by the bank.
“It is alleged that the employees of the bank fraudulently sanctioned and disbursed loans and credit limit to different private parties dealing in the business of Coal. Loans were sanctioned against exorbitant valuation of the collateral securities,” said CBI officials.
Beneficiaries had disposed of the primary security of Coal without depositing the proceeds with the bank, thereby causing wrongful loss to the bank to the tune of Rs 80 crore.
The offices as well as houses of accused persons are being searched at 47 places in the states of Madhya Pradesh, Uttar Pradesh, Haryana, Delhi, Maharastra and Punjab, during which incriminating documents have been recovered and seized.