The Central Bureau of Investigation has registered a case against six persons including two bank officials and a couple — senior executives of a private firm — in connection with a bank loan fraud in Coimbatore
Chennai: The CBI initiated the probe based on a complaint from deputy general manager of Punjab National Bank, formerly Oriental Bank of Commerce, Circle office, Chennai that the accused T Bharath, managing director, Nivaa Casting India, Coimbatore; his wife B Kavitha; firm’s directors MS Vigneswaran and MS Kiran Kumar; and two bank officials, Archana Santhosh and Saravanan, cheated the bank to the tune of Rs 5.5 crore after taking three instalments of loans from the year 2014 to 2016.
The accused company executives had informed the bank that they had started commercial production, but during the inspection, it was found that machines were not even purchased and the company had siphoned off the loan amount. The company directors allegedly colluded with the machine vendor and a structural consultant to get false certificates to submit to the bank, the Anti-Corruption Branch of the CBI said in the FIR.
The accused company executives had informed the bank that they had started commercial production, but during the inspection, it was found that machines were not even purchased and the company had siphoned off the loan amount. The company directors allegedly colluded with the machine vendor and a structural consultant to get false certificates to submit to the bank, the Anti-Corruption Branch of the CBI said in the FIR.