CBI searches properties of AAP MLA from Punjab in alleged fraud of 40 crores

A case has also been registered against Mr Singh’s brothers and nephews, all the directors and guarantors.

New Delhi:

The Central Bureau of Investigation today conducted searches at the premises of Punjab Aam Aadmi Party MLA Jaswant Singh Gajan Majra in connection with the Rs 40 crore bank fraud case. Searches were conducted at three premises in Sangrur, including his residence in Sangrur, Punjab.

During searches conducted after an FIR was registered in Bank of India in alleged loan fraud of Rs 40.92 crore, the CBI recovered 94 blank checks bearing signatures of different persons, including Aadhaar, news agency PTI was quoted as saying. Cards included. Source.

CBI spokesperson RC Joshi said, “Rs 16.57 lakh (approx), around 88 foreign currency notes, some property documents, several bank accounts and other incriminating documents were recovered during the searches.” The CBI has registered a complaint against Singh, Tara Corporation Limited (renamed Maloudh Agro Limited) at Goonspura in Malerkotla on a complaint from Bank of India, Ludhiana, officials said. It named several persons including the then directors of the firm, guarantors of a private company, another private firm and “unknown public servants/private persons”. Amargarh is included in the MLA list as he was the director and guarantor in the firm at that time.

“Central Bureau of Investigation is today conducting searches at three places including at Malerkotla (Punjab) at premises of private firms, accused including directors/guarantors in the ongoing investigation of a bank fraud case. Rs.16.57 lakh in cash (approx.) approx. 88 foreign currency notes , some property documents, several bank accounts and other incriminating documents were found and recovered during the search.

Singh’s brothers Balwant Singh and Kulwant Singh and nephew Tejinder Singh, all directors and guarantors have also been booked, he said.

Another company, Tara Health Foods Limited, has also been named as an accused in the FIR, he said.

It was alleged that the firm was engaged in trading of DOC Rice Bran, DOC Mustard Cake, Cottonseed Cake, Maize, Bajra and other food grains.

“The loan was sanctioned by the bank to the borrower firm at 4 intervals from 2011-2014. It was further alleged that the firm had concealed the mortgage stock through its directors and diverted the book loan with malicious and dishonest intention So that it could not be made available. The creditor bank for investigation and for recovery as secured creditor. The bank suffered an alleged loss of Rs 40.92 crore (approximately),” the CBI said.

The bank had declared the account as non-performing asset (NPA) on March 31, 2014 and subsequently as fraud on February 09, 2018, with an outstanding of about Rs 40.92 crore.

“It was also alleged that the loan taken by the accused has not been utilized for the purpose for which it was taken,” the CBI spokesperson said.

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