A case has been filed against PSL Group and its directors by the Central Bureau of Investigation (CBI) for allegedly cheating Canara Bank to the tune of 428.50 crore. The PSL Group allegedly defaulted on credit repayments, officials said on Thursday.
The investigation agency conducted searches at seven locations in Mumbai and Kutch, Gujarat, resulting in the recovery of incriminating documents. PSL Group was booked after the raids in connection with 428.50 crore scam.
Apart from the company, the CBI has also named its directors for their alleged involvement in the case. Directors Ashok Yogender Punj, Rajender Kumar Bahri, Chitranjan Kumar, Jagdishchandra Goel and Alok Yogender Punj have been named as accused in the case.
An investigation was initiated when Canara Bank filed a complaint against the PSL Group. Acting on a complaint by the bank, the CBI has taken over the investigation after the registration of the FIR.
The bank has alleged that the accused directors and the group entered into a conspiracy to cheat Canara Bank during 2016-19 and sought sanction of various credit facilities, the officials said.
Official added that the accused misrepresented the account books, misutilised the funds of the bank and diverted receivables from its debtors.
“It was further alleged that the loan amount received from the bank for various projects was utilized for purposes other than for which it was availed. An alleged loss of 428.50 crore (approx) was caused to Canara Bank,” a CBI spokesperson said.
(With agency inputs)
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