Punjab national banks, Financial services company

New Delhi, March 14 The CBI has lodged an FIR against two siblings for cheating Punjab National Bank to the tune of over Rs three crore by mortgaging a sold property.A senior CBI official said that the alleged accused were identified as Nargis Bilal and her brother Musharrat Ali. They were running the firm Vardha Construction from UP's Rampur.In June 2017, Nargis Bilal approached the PNB's Ghaziabad branch for an overdraft against immovable property. She gave personal guarantee of her brother Ali, to secure facilities in the account of Vradha Construction. The loan of Rs 3.68 crore was passed to them.But the accused didn't repay the loan. The bank conducted departmental inquiries and found that they had cheated the bank.Subsequently, to safeguard its interest, the bank sought legal opinion in respect of the mortgaged property in the said credit account.Bank's advocate opined that the property was an agricultural land and had already been sold out in 2013 itself by subdividing the said land. It had already been disposed of by the accused by way of executing 43 sale deeds in favour of various persons. Thus, the accused persons defrauded and cheated the bank through forgery," read the CBI's FIR.The accused had also diverted the loan and didn't utilise it for the genuine trade transactions. They remitted the entire funds through RTGS to different firms. They withdrew whole amount within a week. Their firm was also declared NPA last year."The PNB filed a complaint against the accused persons. We have lodged an FIR under sections 13(2), read with sections 13(1)(d) of Prevention of Corruption Act and also added sections 120-B, 420, 467,468, 471 of the IPC in it," said the official adding they were looking into the matter.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Punjab National BanksFOLLOW

Punjab national banks, Latest News

The Enforcement Directorate (ED) has arrested two persons in a case of money laundering wherein around Rs 425 crore were fraudulently remitted outside India using 19 dummy Indian entities. ...

Leading private sector and government-run lenders including Punjab National Bank, ICICI Bank and mortgage lender HDFC have hiked their lending rates that will make home, car and other loans costlier. ...

Punjab National Bank has increased interest rates on term deposits in selected buckets up to 60 basis points with effect from Saturday. ...

Pro-Khalistan and other extremist groups in the United Kingdom may face heat in the coming days. British Prime Minister Boris Johnson, during his visit to India, announced that the UK has set up Anti-Extremist Task Force. ...

The properties of fugitive diamantaire Mehul Choksi, who is accused in the multi-crore Punjab National Bank (PNB) scam case, have been confiscated by the Income Tax department, an official said on Friday. ...

After a gap of two-year following the outbreak of the COVID-19 pandemic, the annual Amarnath Yatra 2022 is all set to resume this year, for which the registration began on Monday. ...

In a move to protect customers from large value cheque frauds, Punjab National Bank (PNB) on Monday announced that it has made Positive Pay System (PPS) mandatory for the cheque of Rs 10 lakhs and above effective from April 4. ...

New Delhi, March 14 The CBI has lodged an FIR against two siblings for cheating Punjab National Bank ... ...