Tumakuru firm booked for causing Rs 14 crore loss to Punjab National Bank

The Central Bureau of Investigation (CBI) has booked owners of a Tumakuru-based granite mining company, their chartered accountant as well as unidentified public servants for submitting fake documents to the Punjab National Bank (PNB) and thereby causing a loss of Rs 14 crore to the bank.

Following a complaint by the Chief Manager of the PNB, the CBI registered an FIR stating that Apkon Crushers, a partnership firm owned by B N Prasanna Kumar, his wife Asha Prasanna Kumar, their son Vikram Bhavikatte, who got Rs 27.08 crore loan from the Punjab National Bank by submitting audited balance sheet for three financial years starting from 2014-15. The balance sheets were audited by S C Prashant and Co.

Later, during the audit of the bank in 2019, it was found by the bank officials that the “balance sheets submitted at the time of sanction of the credit facilities were fake/false”. The bank contacted the chartered accountant, who in his reply “admitted some of his signatures and disputed some signature/certification.”

While the granite company had claimed that the value of its stock was Rs 28.68 lakh, a valuation report by an approved valuer as well as branch and circle office officials found that the value was only Rs 9 to 10 lakh.

The above-mentioned facts clearly establish that at the time of entering into the loan agreement itself, the accused persons had an intention to deceive the bank, the FIR said.

“The accused persons in connivance and in furtherance of criminal conspiracy with one another have caused wrongful gain to themselves and wrongful loss to the bank to the tune of Rs 13.87 crore apart from the interest due from the date of NPA,” the FIR added.