The Central Bureau of Investigation has conducted searches in an on-going investigation of a case at the premises of the accused in Delhi which led to the recovery of cash of approximately Rs.21,50,000/-; 5 gold watches of different make; 8 gold sovereign/coins; 14 DDs of Rs.6.83 crore approximately; relevant documents & digital devices. A case was registered on the complaint from Punjab & Sind Bank against a private company and others including its Proprietor, Guarantor & related group companies. It was alleged that the said private company (dealing in four wheelers) obtained CC limit of Rs.18 crore and BG(Financial) of Rs.22 crore during 2009 to 2017 from the Bank against primary security of new vehicles, spare parts, accessories etc. It was further alleged that the said company had diverted the funds to other bank accounts & related parties and thereby misappropriated the same. The loan account was irregular and the bank declared it as NPA on 31.03.2018 with an outstanding amount of Rs.35.99 crore.
