Accused in ₹22 crore bank fraud in CBI net

The borrower company and its director Kanta Sharma were convicted by the court on December 12, 2017. The other accused director was absconding since

The Central Bureau of Investigation (CBI) on Friday arrested a former director of a private firm who’s an accused in a ₹22 crore bank fraud case, which was reported from Noida in 2014, and on the run for over eight years, officials said.

Hypothecated stocks were disposed of without depositing the sale proceeds in the bank. Thus, the accused allegedly cheated the bank and caused a loss of ₹ 22 crores as on April 30, 2014

A CBI spokesperson said the agency had mounted efforts to locate accused Vinod Kumar Sharma, which included verifying his address and location and ascertaining his movements. Sharma would now be produced before the Court of Special Judicial Magistrate, Ghaziabad on Saturday, the official added

The CBI registered a case on March 23, 2015, on a complaint of the Punjab National Bank (PNB) against a private company, its directors and some bank employees. It was alleged that the private company, through its directors, availed various credit facilities from a PNB branch in Noida and the amount disbursed was siphoned off by the said accused persons.

Further, the hypothecated stocks were also disposed of without depositing the sale proceeds in the bank. Thus, the accused allegedly cheated the bank and caused a loss of ₹ 22 crores as on April 30, 2014.

Upon conclusion of the investigation, a charge sheet was filed in the Court of Special Judicial Magistrate, CBI Cases, Ghaziabad. The borrower company and its director Kanta Sharma were convicted by the court on December 12, 2017. The other accused director was absconding, so his trial was separated.