CBI books United Bank of India ex-CMD in disproportionate assets case
The CBI alleged that during 2004-2014 Archana Bhargava amassed assets worth Rs 4.89 crore and incurred an additional expenditure of Rs 1.47 crore against her known income of Rs 2.73 crore.Updated: Mar 01, 2018 20:40 IST
The Central Bureau of Investigation (CBI) has booked former chairperson and managing director of United Bank of India, Archana Bhargava, on charges of amassing disproportionate assets worth more than Rs 3.6 crore.
Between 2004-2008, Bhargava served as the deputy general manager and then manager of the Punjab National Bank, which is now at the centre of a Rs 12,600-crore fraud linked to diamond merchants Nirav Modi and his uncle Mehul Choksi.
Later, she worked as the executive director of Canara Bank between 2011-2013. Bhargava took voluntary retirement as chairperson and managing director of United Bank of India in February, 2014.
The CBI reviewed her income between 2004 and 2014 when she worked in senior positions at various public sector banks. The agency alleged that during the period, Bhargava amassed assets worth Rs 4.89 crore and incurred an additional expenditure of Rs 1.47 crore against her known income of Rs 2.73 crore.
Two years ago, the CBI had conducted searches in the premises of Bhargava and a company, Rank Mercantile Private Limited, in connection with another corruption case.
During the searches, bank lockers and bank accounts allegedly maintained by Bhargava were inspected and seized, say the agency’s FIR, seen by HT.
The agency found cash and several moveable and immovable properties in the name of Bhargava and her family members which resulted in the present case.