CBI books ex-Maruti MD in a Rs 110 cr bank loan fraud
CBI has booked former Maruti Udyog Ltd Managing Director Jagdish Khattar for allegedly cheating Punjab National Bank (PNB) of Rs 110 crore. The assets that were surrendered to the bank as security after the loan his company took, was declared non-performing.
The CBI registered the FIR on December 20 naming Khattar and his Delhi-based company Carnation Auto India Pvt Ltd on charges of criminal conspiracy, criminal breach of trust, cheating and criminal misconduct.
According to the FIR, Carnation Auto India where Khattar is the Director and its sister concerns Khattar Auto India Pvt Ltd, Carnation Realty Pvt Ltd and Carnation Insurance Broking Company Pvt Ltd were sanctioned a term loan of Rs 170 crore on 23 May, 2009, which was later enhanced by Rs 10 crore. However, it was subsequently restricted to Rs 110 crore. The CBI says that Khattar allegedly entered into a conspiracy with unknown bank officials and did not repay the loan.
CBI also alleged that the accused dishonestly and fraudulently sold the goods to the bank without its permission and diverted the funds, causing a criminal breach of trust and causing wrongful loss to the bank.
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