CBI charges ex-CMD, five senior officials of Canara Bank

Mangalore Today News Network

New Delhi, Mar 20 2018 : The CBI filed a charge sheet against a former chairman-cum-managing director of Canara Bank, R K Dubey, and five senior bank officials in a Rs 68.38 crore loan default case.

 

Besides Dubey, those named in the charge sheet are the then executive directors Ashok Kumar Gupta and V S Krishnakumar, deputy general manager Mukesh Mahajan, chief general manager T Sreekanthan and assistant general manager Upendra Dubey.

A private firm, Occasional Silver Company Ltd, and its directors Kapil Gupta and Raj Kumar Gupta have also been named in the charge sheet filed in Tis Hazari court in Delhi.

In the FIR registered on January 27, 2016, the CBI had alleged that Occasional Silver Company, which is dealing in wholesale and retail trading of silver jewellery and articles, diamond, gold jewellery, imitation jewellery, gift items and crockery items among others, had cheated Canara Bank to the tune of Rs 68.38 crore through its accounts at Kamla Nagar branch.

The loan was sanctioned in December 2013 and disbursed within the next three months.

However, it turned into a non-performing asset within one year of its opening, on September 29, 2014. According to the CBI, the funds were syphoned off through a chain of bogus transactions facilitated by fake sister concerns, family members and bank officials, including the top executives.

Investigations revealed that there was a nexus between bank officials and the company.


courtesy:DHNS