Press Esc to close
Sunday 11 December 2016
News updated at 12:01 AM IST
Weather
Max: 30.3°C
Min : 16.2°C
In Bengaluru
clear sky

Rs 2500 cr bank fraud: CVC examining case against 24 officials

New Delhi, Nov 29, 2012 (PTI):
The Central Vigilance Commission is examining a reference received from Punjab National bank involving 24 of its officials in an alleged fraud involving over Rs 2,500 crore.

CBI had in April 25, last year registered a case against Directors of a Mumbai-based construction company and others for their alleged involvement in cheating Punjab National Bank (PNB) and causing losses worth several crores.

According to information given by Minister of State for Finance Namo Narain Meena in the Rajya Sabha today, the company has been reportedly sanctioned credit facilities under regular consortium--Rs 2,510 crore--and as China Project consortium -- Rs 410 crore-- with 26 banks, with PNB as lead bank.

"It has been further informed by the CVC that PNB had made reference in September 2012 involving 24 officials, which is under examination in CVC," Meena said.
The exposure of loan on the company in all consortium banks is Rs 2,529.62 crore as on March 31, 2011, the Minister said.

Of these, a highest of Rs 409.97 crore is by PNB, followed by Rs 309.51 crore by UCO bank, Rs 216.64 crore by United Bank of India, Rs 176.72 crore by Union Bank of India, Rs 129.77 crore by State Bank of Bikaner and Jaipur, Rs 102.82 crore by Indian Bank and Rs 102.45 crore by Central Bank of India among others.

"Reserve Bank of India (RBI) had reported that the consortium banks had lodged claims with Export Credit Guarantee Corporation of India (ECGC) for the invoked guarantees. ECGC on October 7, 2011 had expressed their inability to consider the claim. The case has been again represented on November 23, 2011.

"A recovery suit before Debt Recovery Tribunal (DRT) was filed on November 5, 2011. The members of the consortium have also initiated recovery proceedings under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002," the Minister said.

In order to make third parties and professionals accountable, who have played a vital role in credit sanction or disbursement or facilitated the perpetration of frauds, Meena said that banks have been advised to report to Indian Banks' Association (IBA).

"IBA in turn will prepare caution lists of such parties for circulation among the banks," he said.

 

Go to Top

Photo Gallery
Indian sitar player and composer Anoushka Shankar performs at the live concert...

Indian sitar player and composer Anoushka Shankar performs at the live concert...

I-T department seized Rs 5.7 cr cash in new notes, 32kg bullion and jewelery and Rs 90 lakh...

I-T department seized Rs 5.7 cr cash in new notes, 32kg bullion and jewelery and Rs 90 lakh...

International Animal Rights Day and Human Rights Day in Bengaluru...

International Animal Rights Day and Human Rights Day in Bengaluru...

Laborers remove weeds from Dal Lake on a cold and foggy day in Srinagar...

Laborers remove weeds from Dal Lake on a cold and foggy day in Srinagar...

President Pranab Mukherjee with Tibetan spiritual leader, the Dalai Lama during the inaugural...

President Pranab Mukherjee with Tibetan spiritual leader, the Dalai Lama during the inaugural...

A view of the illuminated Ajmer Sharif Dargah decorated for the upcoming Jashne Eid E Milad...

A view of the illuminated Ajmer Sharif Dargah decorated for the upcoming Jashne Eid E Milad...

Former Indian football captain Baichung Bhutia in Lamborghini four wheeler during Air Strip...

Former Indian football captain Baichung Bhutia in Lamborghini four wheeler during Air Strip...

A sand sculpture created by renowned sand artist Sudarsan Pattnaik with message 'Good Luck...

A sand sculpture created by renowned sand artist Sudarsan Pattnaik with message 'Good Luck...

Bollywood Actor Shah Rukh Khan with director-producer Abbas-Mustan during the Muhurat for...

Bollywood Actor Shah Rukh Khan with director-producer Abbas-Mustan during the Muhurat for...

Migratory Siberian seagulls birds flying over the Ganges in Allahabad on Saturday...

Migratory Siberian seagulls birds flying over the Ganges in Allahabad on Saturday...

Like us on Facebook

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523