Chandigarh: PNB duped of ₹3.5 crore by Ferozepur-based firm

Four members of a family who are the owners of a Ferozepur-based company have been booked for cheating Punjab National Bank of ₹3.5 crore

Four members of a family who are the owners of a Ferozepur-based company have been booked for cheating Punjab National Bank of ₹3.5 crore.

PNB stated in its complaint that the Ferozepur-based firm had closed down its unit and not paid its dues since July 1, 2019. (Getty Images/iStockphoto)

The accused have been identified as Surinder Kumar Goyal, his wife Usha Rani, son Rohit Goyal and daughter-in-law Rekha Goyal, the owners of Country Milk Products which is based in Malwal village, Ferozpur

The FIR has been lodged based on the complaint of Varinder Kumar, branch manager of PNB, Phase 2, Industrial Area.

He stated that the company had taken a loan which was secured by hypothecation of the firm’s entire stock of raw material, stocks in process, finished goods, consumable and current assets.

The company had also undertaken that it will submit the stocks and receivables statements to the bank every month and to deposit the sale proceeds in the loan account on a day-to-day basis. However, they failed to do so and during a routine visit, the bank officials discovered that the unit of the firm was lying closed and the entire stock which is hypothecated to the bank had been removed. The bank said they have also not paid their dues since July 1, 2019. A cheating case has been registered.

Meanwhile, the owner of a Mohali-based firm has been booked for defrauding Punjab National Bank (PNB) of ₹50 lakh.

The accused has been identified as Gurminder Kaur, a resident of Sector 79 and the owner of Konkan Roadlines which is based in Phase 9, Mohali.

The FIR has been lodged based on Kumar’s complaint. He told police that Konkan Roadlines had taken a loan of ₹50 lakh from the bank. However, during a routine inspection, it was found that Kaur wasn’t living in or running her business in addresses provided to the bank.

During further investigation, it was found that Kaur was running the business in Industrial Area, Phase 8, Mohali, and wasn’t involved in transportation of goods as she had told the bank. The bank said she had also failed to pay back the loan since August 16, 2019.

A cheating case has been registered at Sector 31 police station.