The Central Bureau of Investigation (CBI) said on Friday that it has registered a case based on a complaint from the Central Bank of India and other member banks against a Chandigarh-based private company for cheating the bank to the tune of Rs 1,626.74 crore on the pretext of loan.
The case was lodged against Parabolic Drugs Ltd; its managing director Pranav Gupta; seven directors, Vineet Gupta, Deepali Gupta, Rama Gupta, Jagjit Singh Chahal, Sanjeev Kumar, Vandana Singla, Ishrat Gill; gurantors J.D. Gupta, T.N. Goyal, Nirmal Bansal, and unknown public servants and private persons, as per the CBI.
The accused hatched a criminal conspiracy to cheat the bank on the pretext of loan. They committed forgery by using forged documents to avail loan. After obtaining the loan, they diverted the fund to other groups.
The bank employees also helped the accused in obtaining the loan, thus helping them commit the fraud. The CBI said that the bank employees were paid commission for helping the accused in obtaining the loan.
When the bank came to know about the irregularities, a department inquiry was initiated in which it was found that the loan was given on the basis of forged documents.
The bank then decided to approach the CBI which lodged a case of cheating, formed a team and started investigation.
On Friday, the agency conducted raids at 12 different locations in Chandigarh, Panchkula, Ludhiana, Faridabad and Delhi. The raids were conducted at the office and residential premises of the accused persons.
A senior CBI official said that the raids led to the recovery of incriminating documents, articles, and cash worth Rs 1.58 crore.
Further probe into the matter is underway.