CBI conducts searches against Punjab AAP MLA in 40-crore bank loan fraud case

The CBI Saturday conducted searches at three Sangrurlocated properties of Punjab AAP MLA Jaswant Singh Gajjan Majra in a bank fraud case of over Rs 40 crore officials saidDuring the searches conducted after an FIR was filed in the Rs 4092crore alleged loan fraud in Bank of India the CBI is understood to have recovered 94 blank cheques carrying signatures of different persons with enclosed Aadhar cards sources claimedCBI Spokesperson RC Joshi said Cash worth Rs 1657 lakh approx around 88 foreign currency notes some property documents several bank accounts and other incriminating documents were found and recovered during searches Officials said the CBI has registered the case on a complaint form Bank of India Ludhiana against Singh Tara Corporation Ltd renamed as Malaudh Agro Ltd based at Gaunspura Tehsil Malerkotla Punjab and othersSingh the Amargarh MLA was a Director and Guarantor in the company they saidSinghs brothers Balwant Singh and Kulwant Singh and nephew Tejinder Singh all directors and guarantors have also been booked they saidTara Health Foods Ltd another company is also named as accused in the FIR they saidIt was alleged the firm based at Gaunspura Malerkotla was engaged in trading of DOC Rice Bran DOC Mustard Cake Cottonseed Cake Maize Bajra and other food grainsThe borrower firm was sanctioned loans at 4 intervals from 20112014 by the Bank It was further alleged that the firm through its Directors had concealed hypothecated stock and diverted book debts with malafide amp dishonest intention so that the same were not made available to the creditor Bank for inspection and for effecting recovery as secured creditor An alleged loss of Rs 4092 Croreapprox was caused to Bank Joshi saidThe bank had declared the account as NPA on March 31 2014 and later fraud on February 09 2018 with an outstanding amount of Rs4092 CroreapproxIt was also alleged that the loan availed by the accused has not been used for the purpose for which it was availedrdquo the CBI spokesperson saidThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever