CBI Files Case Against Delhi Firm In Rs 168 Crore Bank Fraud Case

Along with the company, the agency has booked its Directors Jitendra Kejriwal, Roop Kishore Tuli and Mohan Kumar Jha, they said.

CBI Files Case Against Delhi Firm In Rs 168 Crore Bank Fraud Case

Along with the company, CBI has booked its directors.

New Delhi:

The Central Bureau of Investigation (CBI) has searched the premises of Sonear Industries Ltd and its Directors at five locations in New Delhi after booking them in a fraud case of Rs 168.73 crore at Punjab National Bank, officials said on Monday.

Along with the company, the agency has booked its Directors Jitendra Kejriwal, Roop Kishore Tuli and Mohan Kumar Jha, they said.

The company, earlier known as Donear Decor Ltd, is in the business of plywood manufacturing and has 2,000 dealers across the country, they said.

Its account with Punjab National Bank was declared non performing asset in 2016 with retrospective effect from 2014 as attempts to revive it did not yield results owing to slump in the real estate sector.

After conducting forensic audit, it was declared fraud in 2019.

The forensic audit showed various irregularities like opening of account in another bank without having NOC from PNB, use of the other bank's account for transferring funds to other corporate entities, entering into cotton fabric business without informing the bank, non-registration of VAT number and sales tax registration, and sale of assets without informing the lender bank, they said.

"It was alleged that the said accused had cheated Punjab National Bank by way of diversion of bank funds, fraudulent transactions, criminal misappropriation, etc. Searches were conducted at 5 locations in Delhi at the office and residential premises of borrower company and other accused," CBI spokesperson RC Joshi said.