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Thursday, Aug 22, 2019

PNB manager, two others get 4-year jail in ₹1cr loan fraud case

Clerks used to prepare loan cases without any appilcation from customers; the loan amount vouchers were then approved by the manager

punjab Updated: Aug 03, 2018 11:10 IST
HT Correspondent
HT Correspondent
Hindustan Times, Mohali
Representative Image
Representative Image(Reuters File)

A Central Bureau of Investigation (CBI) court here on Thursday sentenced a former manager of Punjab National Bank’s (PNB)’s Gharyala branch, a clerk and a revenue officer to four years in jail in a 13-year-old loan fraud case of ₹1.04 crore.

Four more persons, all residents of Tarn Taran, have also been awarded three-year prison term in the same case.

The court of special judge NS Gill pronounced the sentence on the then PNB manager RK Tyagi, clerk Gurmeet Singh and patwari Sukhwinder Singh for fraud and criminal conspiracy.

The other four convicts, Kashmir Singh, Balkar Singh, Amrik Singh and Lekh Raj, were found guilty of forging loan documents.

The case

The CBI had in 2005 received a complaint regarding a fraud in PNB’s Gharyala branch. During investigation, it was found that Tyagi used to dishonestly approve the loan vouchers and applications prepared by his subordinate by forging signature and producing fake papers.

The manager was supposed to scrutinise the signatures on the loan application, but he used to abstain from doing so deliberately. Number of frauds involving loans varying from ₹2 lakh to ₹7 lakh were found.

Mode of operation

The clerk used to prepare loan cases without any application from customers. The loan amount vouchers were then approved by the manager by avoiding the standard operating procedures.

The first case was reported in 2003 when Gurmeet moved a ₹2-lakh loan case in the name of Raj Kumar, an account holder. There was no loan application filed by Kumar, but the case was approved by Tyagi.

He later passed the loan amount voucher that was ‘signed’ by Kumar in Punjabi, but the specimen in the bank account was in English. Instead of rejecting, Tyagi passed the voucher which later turned into a non-performing asset after Kumar denied having applied for any such loan.

In the meantime, another application for ₹4 lakh loan was filed by Gurmeet again in the name of Raj Kumar against a deposit of ₹5 lakh, which was not sanctioned by the competent authority.

Despite that, Tyagi passed the payment voucher prepared by Gurmeet in 2004 in favour of Raj Kumar.

Tyagi then prepared transfer debit and credit vouchers of ₹6.29 lakh to coverup his misdeeds and adjusted both loans by debiting amount from Raj Kumar’s account without his consent.

First Published: Aug 03, 2018 11:09 IST

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