The Central Bureau of Investigation (CBI) has registered a case on a complaint from Canara Bank against a Mumbai-based private company and its directors and unidentified public servants and others for causing an alleged loss of Rs 428.50 crore to Canara Bank.
Those booked by the CBI in include M/s. PSL Limited, its directors Ashok Yoginder Punj, Rajender Kumar Bahri, Chitranjan Kumar Jagdishchandra Goel, Alok Yogender Punj and unidentified public servants and others.
According to the CBI, it has been alleged in the complaint that the accused from 2009-2016 entered a conspiracy to cheat Canara Bank. They approached the bank for sanction of various credit facilities and misrepresented the books of accounts, misutilised the funds of the bank and diverted receivables from its debtors.
It was further alleged that the loan amount received from the bank was utilised for purposes other than it was sanctioned causing a loss of Rs 428.50 crore to the bank.
Searches were conducted at seven locations on Thursday including Mumbai, and Kutch in Gujarat at the premises of the accused which led to the recovery of incriminating documents and articles.
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