CBI has registered FIR against 22 employees of Punjab National Bank for alleged fraudulent disbursement of loan to various parties during 2011 to 2016, who were in coal business.
The case in related to around four branches Bhopal and Ujjain. In this connection, CBI also conducted raids at 47 places in MP, UP, Haryana, Delhi, Punjab and Maharashtra, where some documents have been recovered and seized..
“It is alleged that the employees of the bank fraudulently sanctioned and disbursed loans and credit limit to different private parties dealing in the business of Coal. Loans were sanctioned against exorbitant valuation of the collateral securities,” said CBI officials.
It is alleged that loans of around Rs.80 crores were sanctioned to different parties in coal business and the primary securities were disposed off without depositing the proceeds with the bank.