CBI files chargesheet against eight in Rs 729-lakh fraud in Chandigarh

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The Central Bureau of Investigation (CBI) Monday submitted chargesheet against eight persons including, retired officials of Indian Overseas Bank (IOB), Sector 7-C, Chandigarh, for causing wrongful loss to the bank to the tune of ₹729.56 lakh.

The eight accused are Arvind Machine Tools Private Limited through its directors Amarinder Singh Gorwara, his son Sahil and wife Daljit Kaur ; proprietor of M/S Punjab Steel Scrap Corporation Parminder Singh.

The other accused are Adarsh Kumar Rajwanshi, who was the then IOB branch manager ; the then senior manager Vijay Kumar Grover, the then chief manager Satya Kumar Pareek and former senior manager Raj Kumar Panjla.

Another accused namely Arvinder Kumnar Gorwara passed away hence he was not chargesheeted.

The matter dates back to October 7,2015 when an FIR was registered following a complaint by IOB chief regional manager DC Kar.

The chargesheet was filed under Sections 120 B, 420, 467, 468 and 471 of the IPC and Sections 13(2) read with 13(1)(d) of the Prevention of Corruption Act.

As per the FIR, the firm Arvind Machine was engaged in manufacturing of auto components.

Arvinder (now deceased) and Amarinder were the company directors but in 2014, Arvinder was removed and Sahil was made the director without the knowledge and consent of bank.

The investigations revealed, “in order to siphon off the money from the bank, the firm made transactions through RTGS in the accounts of multiple bogus companies floated for the same.”

It was mentioned by CBI that due to the omissions and commissions on the part of accused, the bank was defrauded to the tune of ₹729.56 lakh by using fabricated documents.