CBI Active Against Corrupt Bankers , Not Politicians

One after other cases pertaining to corruption of CMD or ED of PSU banks are now surfacing. CBI is slowly catching hold of black sheep of banks who caused banks huge losses and who themselves became wealthy and powerful.

Congress government promoted culture of flattery and bribery and now slowly this trend is getting reversed and importance of flattery and bribery getting diluted.

CBI has however not exposed any political leader who is usually a master mind behind a bad loan. CBI has to start booking politicians also who build pressure on bankers for finance to persons and companies of their choice. It is politicians ruling this country who have actually taught corrupt ways and means to bankers in the name of credit growth or GDP growth.

Whenever any CMD or ED was found to be involved in bribe based lending, their political masters used to provide shield and finally corrupt officers used to acquitted and exonerated from all charges. This culture is gradually changing during the rule of Mr. Narendra Modi led BJP government.

In old days, only junior officers used to be punished and made scapegoat for fault of senior bankers. At least , now seniors are also being caught . This change is to be appreciated.

BI REGISTERS A CASE AGAINST THEN EXECUTIVE DIRECTOR, CENTRAL BANK OF INDIA & OTHERS AND CONDUCTS SEARCHES

Press Release New Delhi, 30.09.2016

The Central Bureau of Investigation has registered a case against, then Executive Director, Central Bank of India, (who retired as CMD of Canara Bank) and others on a complaint received from Central bank of India alleging therein that then Executive Director in criminal conspiracy with two Directors of private Transport company based at Delhi had allowed deviations in  sanctioning credit facilities to the tune of Rs.13.5 crore (approx) to the said company in violation of the laid down rules & regulations. The firm turned defaulter in repayment of the loan to the tune of Rs.6.9 crore (approx) to the bank and corresponding wrongful gain to the said company.           Searches were conducted at the premises of accused in Delhi which led to recovery of incriminating documents. The documents showing investment of Rs. Two crore (approx) in the name of then ED, Central Bank of India and his family members were also recovered from his residence.           Further investigation is continuing. CBI REGISTERS A CASE AGAINST THEN CMD OF UNITED BANK OF INDIA & OTHERS AND RECOVERS ASSETS WORTH CRORES DURING SEARCHES Press Release New Delhi, 15.09.2016                   The Central Bureau of Investigation has registered a case under section 120-B of IPC r/w 13 (2) r/w 13(1) (d) of PC Act against then Chairman & Managing Director, United Bank of India; a private firm based at New Delhi; another private firm based at Kolkata and other unknown persons. It was alleged that the then public servant while posted as ED of Canara Bank in the year 2011 & as CMD of United Bank of India in the year 2013 had abused her official position & obtained certain amounts for herself or for a New Delhi based private firm (owned by her husband & her son), from the companies to whom various credit facilities were granted by the banks, where she had worked.     Searches conducted at the residential premises of accused persons in Delhi, Noida, Mumbai, Kolkata & Howrah led to the recovery of jewellery worth Rs. 2.85 Crore (approx) & Rs. 10.50 lakh (approx) cash from the bank lockers in her name & her family members; deposits of Rs. 5.42 crore (approx) in her name & family members; Rs. 2.26 Crore (approx) in her bank accounts; documents of two properties i.e. a three storey Bungalow at Noida & a flat at Vasant Kunj, New Delhi and two properties in the name of her family members in Delhi & Mumbai.   Further investigation is in progress. CBI REGISTERS A CASE AGAINST THREE THEN ASSISTANT MANAGERS OF INDIAN OVERSEAS BANK AND OTHERS FOR CAUSING AN ALLEGED LOSS OF Rs. 321 CRORE (APPROX) TO GOVERNMENT EXCHEQUER Press Release New Delhi , 10.08.2016         The Central Bureau of Investigation has registered a case on a complaint received from Indian Overseas Bank, Zonal Office, Delhi u/s 120-B r/w 420 of IPC and Sec. 13(2) r/w 13(1) (d) of Prevention of Corruption Act, 1988 against three then Assistant Managers, Indian Overseas Bank, Chandigarh; a Proprietor of Chandigarh based private firm; Proprietor of another Chandigarh based private firm; two then Directors of another Chandigarh based private firm & also said firm; a Hong Kong based company; a Brigadier (Retd.) based at Chandigarh and other unknown public servants & private persons.         It was alleged that the accused persons in connivance / criminal conspiracy with the branch officials & with each other siphoned off the bank funds under the garb of Letter of Comfort in favour of Hong Kong based company purportedly issued by officials of Indian Overseas Bank, Chandigarh to Punjab National Bank (PNB), Dubai and Bank of Baroda (BoB), Bahamas. Based on these fraudulently issued Letters of Comfort, these Foreign Banks issued Buyers’ Credit to the account of accused companies abroad. An alleged loss of Rs. 321 crore (approx) was caused to the complainant bank (IOB) and the foreign branches of PNB and BoB.         Searches were conducted today at 14 locations at Chandigarh, Ludhiana, Panchkula, Amritsar and Zirakpur (Punjab) at the premises of accused which led to recovery of incriminating documents.         Further investigation is continuing. Loan default case:ED attaches Rs 235 cr assets of Kolkata firm-Times of India-30.09.2016 Kolkata, Sep 29 (PTI) Enforcement Directorate (ED) today attached assets worth Rs 235 crore of a Kolkata-based firm in connection with its money laundering probe in an alleged bank loan default case of UCO bank. The agency said it has attached immovable properties worth Rs 233 crore and 19 bank accounts having deposits amounting to Rs 1.60 crore totalling about Rs 235 crore which belong to the Tayal group of companies under provisions of the Prevention of Money Laundering Act (PMLA). The ED took cognisance of the case on the basis of a CBI FIR which was registered on a complaint made by UCO bank against the group for alleged default of Rs 296 crore. Chennai court sentences former bank official to jail term-Times of India-30.09.2016 A special CBI court in Chennai has sentenced a former manager of India Bank to five years rigorous imprisonment along with a fine of Rs 5 lakh for a bank fraud case. CBI charges 16 in Rs 79.69 lakh fraud case-Indian Express-01.10.2016 The incident happened between January 31, 2015 and June 29, 2015, where Tanaji Shrirang Borkar, the Bank of Baroda branch manager allegedly entered into a conspiracy with others causing financial loss to the bank. The Central Bureau of Investigation (CBI) has chargesheeted 16 individuals including branch manager of Bank of Baroda’s (BoB) Pimple Saudagar branch in an alleged case of financial fraud. The case had come to light in January 2016 after which the accused persons, which also include several employees of Shree Mungippa Steel Corporation, MK Associates, Jay Bharat Handloom House and Aditya Water Suppliers, were found to be allegedly involved in a fraud of Rs 79.69 lakh, where loans were disbursed to the firms based on forged documents. The incident happened between January 31, 2015 and June 29, 2015, where Tanaji Shrirang Borkar, the BoB branch manager allegedly entered into a conspiracy with others causing financial loss to the bank.