PNB fraud: Bank manager, 3 others convicted after 24-year trial
A former Punjab National Bank manager and three private persons have been convicted in a loan fraud case by a special court almost after a 24-year trial. The court has sentenced them to five years rigorous imprisonment, a CBI official said on Tuesday. It also imposed fines on the convicts, CBI spokesperson RK Gaur said. Here are more details.
PNB manager, another accused entered into a criminal conspiracy
The Tis Hazari court imposed fines ranging from Rs. 1 lakh to Rs. 5 lakh on Charanjeet Arora, PNB manager in 1992 when the case was registered, as well as Sushil Kumar Gupta, Narendra Kumar Gupta, and Manoj Kumar Gupta, said Gaur. The case was registered following allegations that Sushil and Arora and the other accused entered into a criminal conspiracy with each other.
The CBI filed a chargesheet in 1994
In 1994, the CBI filed a charge sheet in the special CBI court where the case has been going on since. The CBI found during its investigation that the accused enjoyed a credit of Rs. 2 crore from the New Bank of India (which later merged with PNB) branch in Connaught Place and Rs. 25 lakh from the Corporation Bank in Karol Bagh.
Accused Sushil's firm PFLL got loan on forged documents: CBI
"The Pankaj Finance and Leasing Limited allegedly got a loan of Rs. 23.94L on forged and bogus documents," a spokesperson said. "A part of loan was credited in advance against seven vehicles which were already financed by Corporation Bank, Karol Bagh, and the other part was credited on the security of two vehicles without mortgaging the bills and other relevant documents," he added.
One person died during the course of the trial
The CBI added that an advance of around Rs. 8 lakh was also credited to Sushil Kumar Gupta's firm PFLL for financing four vehicles which were also already financed by the same branch of the bank. Two former bank officials were acquitted by the court and one private person died during the course of the trial, the spokesperson said.
