Indore: The Economic Offence Wing (EOW) on Tuesday registered a case of fraud and embezzlement against a man for floating a fake company and taking cash credit limit of Rs 70 lakhs on fake documents.
EOW has also booked the then senior branch manager of Punjab National Bank Subhash Nagar branch in Ujjain and another bank officer for helping the man in fraud by verifying and approving the fake documents presented by the accused to get the limit.
Deputy superintendent of police Anand Yadav said, “Pankaj Jain, proprietor of Kartikeya Industries, applied for cash credit limit of Rs 70 lakh on the guarantee of Shakuntala Vijayvargiya in 2014. He also submitted the documents of the property of 24,000 sq ft to mortgage with the bank. It was registered in the name of Shakuntala Vijayvargiya.”
Pankaj Jain got the cash credit limit of Rs 70 lakh as the then senior branch manager of PNB, Ujjain, Gangadhar Vitthal Hadau and another bank officer Sanjay Dhakite approved his application and cleared property documents.
“After getting a complaint in the case, we found that the documents given in the name of Shakuntala Vijayvargiya were fake and did not match with her original papers. Moreover, we didn’t find Pankaj Jain residing at his given address in Manpasand Colony. His company was also not found at given address,” Yadav stated in a press release.
EOW has registered a case against Pankaj Jain under the Sections 420, 467, 468, 471 and 120 B of IPC while Hedau and Dhakite have been booked under Sections 420 and 120 B of IPC and Sections 13 (1)(D), 13 (2) of Prevention of Corruption Act, 1988.