The CBI Saturday conducted searches at three Sangrur-located properties of Punjab AAP MLA Jaswant Singh Gajjan Majra in a bank fraud case of over Rs 40 crore, officials said.
During the searches, conducted after an FIR was filed in the Rs 40.92-crore alleged loan fraud in Bank of India, the CBI is understood to have recovered 94 blank cheques carrying signatures of different persons, with enclosed Aadhar cards, sources claimed.
CBI Spokesperson RC Joshi said, “Cash worth Rs 16.57 lakh (approx), around 88 foreign currency notes, some property documents, several bank accounts and other incriminating documents were found and recovered during searches.” Officials said the CBI has registered the case on a complaint form Bank of India, Ludhiana, against Singh, Tara Corporation Ltd (renamed as Malaudh Agro Ltd.) based at Gaunspura, Tehsil- Malerkotla (Punjab), and others.
Singh, the Amargarh MLA, was a Director and Guarantor in the company, they said.
Singh`s brothers Balwant Singh and Kulwant Singh and nephew Tejinder Singh, all directors and guarantors, have also been booked, they said.
Tara Health Foods Ltd, another company, is also named as accused in the FIR, they said.
It was alleged the firm based at Gaunspura, Malerkotla, was engaged in trading of DOC Rice Bran, DOC Mustard Cake, Cottonseed Cake, Maize, Bajra and other food grains.
“The borrower firm was sanctioned loans at 4 intervals from 2011-2014 by the Bank. It was further alleged that the firm through its Directors had concealed hypothecated stock and diverted book debts with malafide & dishonest intention so that the same were not made available to the creditor Bank for inspection and for effecting recovery as secured creditor. An alleged loss of Rs. 40.92 Crore(approx) was caused to Bank,” Joshi said.
The bank had declared the account as NPA on March 31, 2014 and later fraud on February 09, 2018 with an outstanding amount of Rs.40.92 Crore(approx).
“It was also alleged that the loan availed by the accused has not been used for the purpose for which it was availed,” the CBI spokesperson said.
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