cbi recovers $90k, ₹2cr during search at bank cheating case accused’s home
Jan 13, 2023, 08:13 (IST)
The Central Bureau of Investigation (cbi) recovered Rs.2 crore Indian currency and US $9,000 from the residence of the wholetime director of a city-based private sector company accused of cheating four banks. The company had allegedly entered into a criminal conspiracy to cheat the banks after availing of credit facilities for their business. The money was recovered from the premises of the company's wholetime director, D.N. Sehgal, at J.B. Nagar. The cbi is investigating the company, along with its executives, including Ashok Punjalok Punj, Rajender Bahr, and Chitranjan Goel, and unknown public servants on the complaint of the banks last year. The company had allegedly availed of credit facilities from Oriental Bank of Commerce to execute work orders received from Gail and Ntpc but the money was diverted elsewhere. To try and contact the company on its registered office phone number, but no one was available for comment. On Thursday, the cbi again searched 12 locations in Mumbai, Daman and Kutch, Noida, and Delhi. It is alleged that the loan was utilised for various purposes, including repayment of pending bank loans. It is alleged that the company inflated its sales