14 locations raided as part of investigation
New Delhi: The CBI registered a cheating case against three officials of the Chandigarh branch of Indian Overseas Bank (IOB), proprietors and two directors of three Chandigarh-based private firms and four others on alleged charges of fraud that caused Rs 321 crore loss to the IOB, Punjab National Bank (PNB) and the Bank of Baroda (BOB).
The agency also conducted raids at 14 locations in Chandigarh, Ludhiana, Panchkula, Amritsar and Zirakpur to recover documents relevant to the case, sources said.
The sources said the case was registered against the accused on the basis of a complaint of the IOB, Delhi zone.
The accused were identified as ex-assistant managers of the Chandigarh branch of the IOB Ashu Mehra, Nitish Negi and Gaurav Bhatia: proprietors of two Chandigarh-based private firms – Dinesh Kumar of M/s Vision Procon, Amanpreet Singh Sodhi of M/s Heights International; Aman Kirpal and Gaurav Kirpal, directors of Chandigarh-based M/s Sai Bhakti Impex Private Limited; Brigadier (Retd.) MS Dullat of Chandigarh and M/s Colour Wave (HK) Limited in Hong Kong.
The Vision Procon and Heights International are also accused in the case.
The agency registered the case under Sections 120-B, 420 of the IPC and Sections 13(2), 13(1) (d) of the Prevention of Corruption Act, 1988, said spokesperson of the CBI, RK Gaur.
“It was alleged that the accused persons in criminal conspiracy with the branch officials and with each other siphoned off the bank funds under the garb of letter of comfort in favour of a Hong Kong-based company purportedly issued by officials of Indian Overseas Bank, Chandigarh, to Punjab National Bank (PNB), Dubai, and the Bank of Baroda (BoB), Bahamas, in the West Indies.
Based on these fraudulently issued letters of comfort, these foreign banks issued buyers’ credit to the account of the accused companies abroad”, the spokesperson said.
“An alleged loss of Rs. 321 crore (approximately) was caused to the complainant bank (IOB) and the foreign branches of the PNB and BoB”, he said.
