In a significant development, a special CBI court has framed charges against five individuals, including two Punjab National Bank (PNB) officials, in connection with an alleged ₹130-crore bank fraud that unfolded in 2020.
The accused facing charges are Ravi Rashmi Dhar, the then Deputy General Manager (DGM) of PNB, Naresh Kumar Jain, the then Chief General Manager (CGM) of PNB, Chartered Accountant Vinod Garg, and directors of Delhi-based Shri Vishnu Overseas Private Limited, Sat Narain Mittal and Yogesh Mittal.
Charges have been applied under various sections of the Indian Penal Code, including Section 120-B along with Sections 420, 467, 468, and 471. Additionally, charges under Section 13 (2) read with 13 (1) (D) of the Prevention of Corruption Act have been framed.
However, Vishnu Bhagwan Mittal, another director of the company, did not face charges during this proceeding due to reasons yet to be disclosed.
The case, initiated by an FIR in January 2020, stemmed from a complaint by the chief manager of PNB’s large corporate branch in Sector 17, Chandigarh. The complaint alleged that Shri Vishnu Overseas Private Limited, engaged in the processing and sale of rice, secured credit facilities of ₹115 crore from PNB and UCO Bank under false pretenses.
Upon investigation, it was revealed that the company had submitted fabricated financial statements and audit reports. As a consequence, the banks declared the company’s account as a non-performing asset (NPA) in 2017, with an estimated loss of ₹130 crore as of January 2019 against the sanctioned facilities.
The court proceedings will continue, shedding light on the intricacies of this alleged bank fraud that affected public funds.
