The Central Bureau of Investigation (CBI) has conducted searches in connection with a case against a Delhi-based company and 11 others, for allegedly causing loss of ₹398.35 crore to the State Bank of India (SBI) and the Punjab National Bank (PNB).
The case was registered on May 27 on a complaint from the SBI. Among those named is the borrower company, Jagat Agro Commodities Private Limited and directors, Sant Lal Aggarwal and Sudha Pawa, besides personal and corporate guarantors.
The accused persons cheated the SBI, erstwhile State Bank of Patiala, of ₹328.92 crore and the PNB of ₹69.43 crore by availing themselves of higher credit facility on the basis of inflated financial statements of company. They allegedly fudged the books of accounts and diverted the securities and the funds received from the banks.
