Other States

CBI books Punjab-based company for bank fraud

The Central Bureau of Investigation has booked Pure Foods Limited and seven others, including a chartered accountant, for allegedly cheating the State Bank of India of ₹65.15 crore.

Among the accused are six directors of the Punjab-based company, which is into the manufacturing of refined oils and hydrogenation of edible oils.

According to the bank, the company was being provided credit facilities since 1995. However, the loan account later became irregular and was declared a non-performing asset (NPA) in September 2009. As it turned out, the accused persons had disposed of three of the nine mortgaged properties during the currency of the credit facilities, without the bank’s knowledge or consent.

It is alleged that the company submitted forged documents to show inflated figures related to sales.


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Printable version | Nov 28, 2021 7:47:27 AM | https://www.thehindu.com/news/national/other-states/cbi-books-punjab-based-company-for-bank-fraud/article37133395.ece

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