Bhubaneswar: The Enforcement Directorate (ED) has registered a case against Global Trading Solutions, a mineral exporting firm, for allegedly cheating Punjab National Bank to the tune of Rs 32 crore.
According to sources, the investigating agency will soon interrogate the managing director of the firm, Abinash Mohanty, former directors Kaushik Mohanty and Anshuman Samantaray, current director Bidhubhusan Nayak and others in connection with the fraud.
THE FRAUD
The bank branch at the Station Square had apparently advanced loans to the Bhubaneswar-based firm in gross violation of norms.
THE COMPLAINANT & THE ACCUSED
PNB Circle Head, Ganpat Lal, had lodged a complaint with the Central Bureau Of Investigation (CBI) against the chief manager of PNB Station Square branch, Nagmani Satyanarayana Prasad, former assistant general manager SC Sharma, ex-chief manager Manoranjan Dash and the then officer and senior manager of the branch, Priyotosh Das.
THE ALLEGATION
The named officials were accused of entering into a conspiracy with the Bhubaneswar-based private firm through its director(s) in the matter relating to fraud perpetrated in processing, sanctioning and disbursing cash credit facility, bill discounting and issuing letters of credit during 2010-15.
They extended undue advantages to Global Trading by transgressing their authorized financial powers and limits in violation of the norms and guidelines of PNB, it said.
The bank further also alleged that the private firm illegally diverted the funds received from the bank to its sister or group companies and misused the same.
“The criminal acts by the accused persons have caused wrongful loss to Punjab National Bank to the tune of Rs 31.92 crore as on June 5, 2020,” read the complaint.
CBI ACTION
On June 11, the CBI registered a case against these four serving and retired bank officials under Sections 120B and 420 of IPC along with Sections 13(1)(d) and 13(2) Prevention of Corruption Act.
It had also named the managing director, former directors and current director of the firm.
Raids were also conducted on the official premises and residence of the accused.
