CBI files chargesheet in Rs 52.5- crore fraud at Panchkula bank branch

The CBI has filed the charge-sheet in a case involving a scam of Rs 52.5 crore at the State Bank of Bikaner and Jaipur (SBBJ)’s Sector-11 branch in Panchkula allegedly executed by its manager Nishan Lal along with Gurinder Garg, his wife and two sons, all directors of Sarvodya Highways, a shell firm.

The bank had detected the fraud in 2015. Gurinder Garg, whose family lives in Shivalik Enclave, Manimajra, Chandigarh, is a chartered accountant. The CBI report says shell firms were created at the same address and fake work orders were submitted. The trial is yet to begin.

THE CASE

In September 2011, Garg submitted an application for a Rs 50 crore loan and Rs 10 crore bank guaranty for executing 10 work orders of Rs 348.24 crore which his firm claimed to have bagged. Documents pointed out that bank manager Lal had conducted a pre-sanction survey on September 6, 2011, before the loan application was submitted.

The CBI said Lal prepared a false opinion report dated September 24, 2011, to facilitate the loan. Rs 20 crore loan was sanctioned along with a bank guaranty of Rs 5 crore in December 2011. The original work orders could not be traced. Of the 10 orders, seven were issued by Sarvodya’s seven associate firms.

The rest of three contracts were forged, the CBI said. The CBI told the court that the company offices do not exist at the given address in the work orders. In some cases, the addresses of companies are shown in Ludhiana, Kharar and Zirakpur and one of the directors of Sarvodya was also director of eight associate firms.

An additional Rs 2.41 crore was sanctioned to Sarvodya in March 2013. The CBI has also recommended administrative action against then SBBJ AGM Devi Aggarwal, then deputy manager Rajesh Kumar, then chief manager AK Pahri and then deputy manager Gaurav Goel at Jaipur for lapses. Garg also submitted an application for increasing cash credit limit to Rs 50 crore with Rs 5 crore bank guaranty in May 2012. Within 9 days, Lal allegedly signed the proposal without ensuring end-use of earlier sanctioned limits.

WHERE DID MONEY GO?

The CBI said the money was diverted to the accounts of 66 firms. The accounts were opened in the names of employees and kin of the directors. Probe revealed that the addresses of 17 firms is same as of Sarvodya. Garg’s family is authorised signatory in accounts of 12 firms. Land was purchased or agreements were signed from the loan money in Kansal, Mullanpur, Zirakpur and Himachal.