The case was taken over by the CBI after banks internal probe suggested that the accused manager Mainak Ghosh had fraudulently disbursed loans worth Rs 15.5 crore to individuals and companies.
The Central Bureau of Investigation (CBI) booked a former senior manager of Canara Bank in Kolkata under corruption and conspiracy charges for allegedly disbursing 53 loans to fraudsters.
Officials said that out of the 53 loans sanctioned by the accused manager, 31 were open cash credit loans while 22 were vehicular loans in which either old vehicles were shown off as new purchases. In some cases vehicles are not even purchased.
The case was taken over by the CBI after banks internal probe suggested that the accused manager Mainak Ghosh had fraudulently disbursed loans worth Rs 15.5 crore to individuals and companies.
The official complaint with the CBI has alleged that fraudsters came in contact with Ghosh and another official of the branch named Kripacharya Ghosh and identfied garment knitting and embroidery units in the area. The fraudsters then fabricated ownership documents of the units and applied for the loans which were disbursed immediately during the period June 1, 2014 to November 30, 2015.
"The miscreants have not only availed loans from the branch in the name of fake concerns, but also availed term loans for purchasing machinery by producing false and fabricated documents, bills and vouchers. They have also availed Canara vehicle loan by producing fabricated documents or by showing existing vehicle purchased in the name of other persons," reads the complaint filed by Canara bank.
Bank officials are accused of sanctioning the loans without verifying the documents or make site visits in cases of Micro, Small and Medium Enterprises (MSME) loans meant for niche units, in this case garment and embroidery. The loans have since slipped to Non-Performing Asset, and the case had been forwarded to Reserve Bank of India in September, 2016.
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