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PNB's Brady House branch in fresh controversy, Delhi's F Bar and Lounge fudged documents to get Rs 7.5 crore loan

PK Varun, working as AGM in that branch, has been arrested by the Economic Offences Wing of Delhi Police in connection with this case.

September 21, 2018 / 10:44 PM IST
 
 
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Punjab National Bank's Brady House branch in Mumbai, the fountainhead of the Rs 14,000 crore Nirav Modi scam, once again finds itself mired in controversy due to unethical and corrupt practices of some of its officials.

The branch sanctioned a loan to the tune of of Rs 7.5 crore to Delhi's popular F Bar and Lounge but it has come to light that the loan was disbursed on fabricated documents as the collateral given to banks never existed and were actually shell companies.

PK Varun, working as AGM in that branch, has been arrested by the Economic Offences Wing of Delhi Police in connection with this case.

It was revealed that the account holder had never visited the Mumbai branch of the bank and all formalities of opening of account as well as equitable mortgage of property were facilitated in Delhi by Varun in violation of the existing norms and SOP of the bank. False documents and reports regarding the site inspection and the revenue records were prepared to facilitate the loan. Varun’s son was involved in the operation of F Bar & Lounge and owned 20% of share in the company running F Bar & Lounge.

On September 11, following a tip-off, the accused Amarjeet Singh was arrested. Ajay Kumar Sharma, Suresh and Varun were subsequently arrested after Amarjeet was interrogated.

The modus operandi of the accused persons was to obtain the loan on the basis of forged and fabricated Sale Deeds of the property being offered as collateral security with the banks. An account at PNB Mayur Vihar, Phase 3 Branch was opened on the basis of fake documents in the name of Sarita with the help of the then bank manager, Sheetal Garg. The loan obtained of Rs. 49.90 lakh was withdrawn as cash and the said amount was used for setting up of a temporary factory at Surajpur Noida, so that further loan can be obtained by showing the factory in working condition.

Thereafter, another accused Ajay Kumar Sharma, was the main player for facilitating sanctioning of loan in connivance with accused Amarjeet opened a shell/dummy company in the name of Ply Mouth Ventures Pvt. Ltd. having its office at Mumbai. Suresh was made one of the Directors in this company and they availed Rs. 5 crores cash credit facility in name of the shell Company. This loan amount was further transferred into other accounts and siphoned off. They also obtained Rs. 2 crore OD facility from the same bank which was also transferred into another account and misappropriated.

These amounts were sanctioned against the collateral security of the properties situated at Delhi which were bogus and never existed. Moreover, the account holder did not visit Mumbai and all the formalities of opening of account and equitable mortgage of property was facilitated in Delhi only by the bank official. The bank officials prepared the false site visit report regarding the property which never existed.

Moneycontrol News
first published: Sep 21, 2018 07:36 pm

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