The CBI on Thursday registered a case against former chief of United Bank of India Archana Bhargava for abusing her office.
According to the CBI, Archana abused her official position to obtain money for a New Delhi-based firm, owned by her husband and son, from companies to whom various credit facilities were granted by the banks where she had worked.
After registering a case, the CBI conducted searches during which investigators recovered cash, jewellery and investment details to the tune of over Rs 10 crore, which are in her and her family members’ names.
Besides Archana, the FIR also names a private firm in New Delhi, another private company based in Kolkata and unknown persons.
“It was alleged that the then public servant, while posted as executive director of Canara Bank in 2011 and as CMD of United Bank of India in 2013, had abused her official position and obtained certain amounts for herself or for a New Delhi-based private firm (owned by her husband and her son), from the companies to whom various credit facilities were granted by the banks, where she had worked,” an official statement said.
Searches were conducted at the residential premises of the accused in Delhi, Noida, Mumbai, Kolkata and Howrah.
The recovery includes jewellery worth Rs 2.85 crore and Rs 10.50 lakh cash from bank lockers, deposits of Rs 5.42 crore in her name and family members as well as Rs 2.26 crore in her bank accounts.
Documents of two properties — a three-storey bungalow in Noida and a flat at Vasant Kunj in New Delhi and two properties in the name of her family members in Delhi and Mumbai — were also recovered.
Archana was appointed chief of the United Bank on April 23, 2013 with a tenure till February 2015. However, she opted for Voluntary Retirement within ten months of her appointment.
During her tenure as chairperson and managing director, the bank saw losses increasing, credit quality worsening and capital adequacy depleting.
She rose to the top position from a management trainee in Punjab National Bank (PNB) in 1977.