The Central Bureau of Investigation (CBI) on Saturday searched at three locations including residence of Punjab AAP MLA Jaswant Singh along with private firms, Directors/Guarantors in Punjab in an ongoing investigation of a bank fraud case.
A senior CBI official said that they have recovered 94 signed blank cheques and several Aadhaar cards in the matter and searches are underway. The accused named in the FIR have been identified as M/s Tara Corporation Ltd (renamed as Malaudh Agro Ltd.) in Malerkotla (Punjab) through its Directors, Balwant Singh, Jaswant Singh, Kulwant Singh, Tejinder Singh, M/s Tara Health Foods, Ltd, through its Directors and unknown Public Servants and Private Persons.
All above persons named were then directors and guarantors.
Cash of Rs 16.57 lakh (approx), around 88 foreign currency notes, some property documents, several bank accounts and other incriminating documents were found and recovered during searches, the CBI said in a statement.
A case was registered on a complaint from Bank of India, Ludhiana against a Private firm based at Gaunspura, Tehsil in Malerkotla district of Punjab and others including the then directors, guarantors of a private company, another private firm and unknown public servants/private persons.
It was alleged that the said private firm based at Gaunspura, Malerkotla was engaged in trading DOC rice bran, DOC mustard cake, cottonseed Cake, maize, bajra and other food grains. The borrower firm was sanctioned loans at four intervals from 2011-to 2014 by the bank.
It was further alleged that the firm through its Directors had concealed hypothecated stock and diverted book debts with malafide and dishonest intention so that the same was not made available to the creditor Bank for inspection and for effecting recovery as a secured creditor.
An alleged loss of Rs 40.92 Crore (approx) was caused to the bank.
The account was classified as NPA on March 31, 2014, and based on anomalies, the account was declared as a fraud on February 2, 2018, with an outstanding amount of Rs 40.92 Crore (approx).
It was also alleged that the loan availed by the accused has not been used for the purpose for which it was taken.
The investigation is underway, the official added.