CBI case of Rs.110 crore fraud against former MD of Maruti

New delhi date. December 24, 2019, Tuesday

MD, a one-time surveyor of car maker Maruti. The CBI has filed a fraudulent case of Rs 11 crore with the bank against Jagdish Khattar. Khattar had allegedly cheated on a loan from Punjab National Bank, the CBI said.

After leaving Maruti, he took out a loan of Rs 170 crore in 2009 for his company, which started Khattar. However, the amount that could not be repaid in 2015 was NPA. The bank said that Khattar suffered a loss of Rs. The audit said that Khattar had cheated with the bank.

Khattar sold Rs 66.9 crore worth of assets for Rs 45.6 crore without asking the bank. However, this asset was in the bank as a loan guarantee. According to sources, the loan amount was not paid even after Khattar sold the property.

Investigation revealed that the accused had cheated the borrower Khattar and deposited the money in his other company. The transaction was considered a fraud with the bank. He used the money for his own personal work.

As a rule, bank officials are also obliged to monitor the activity of the borrower. The company that has given the loan has to check regularly and keep an eye on its stock. But the lending authorities did nothing. Consequently, bank officials were also under suspicion.

The bank referred to five accused in its complaint. One was a guarantor. However, Khattar denied all the charges against him. "Carnation is a certified failed business," he said. We did nothing wrong. A detailed audit was not found to have done anything wrong, "Khattar said.