The Central Bureau of Investigation (CBI) on Saturday conducted searches at premises linked to Aam Aadmi Party (AAP) MLA from Punjab Jaswant Singh Gajjan Majra in connection with an alleged ₹40 crore bank fraud case.
In an official statement, the CBI said the searches were being carried out at three locations including Malerkotla in Punjab at the premises of the accused, including private firms, directors and guarantors in an ongoing investigation of a bank fraud case.
Mr. Jaswant Singh is the AAP legislator from Amargarh constituency and is one of the accused in the alleged bank fraud case, who was the then director and guarantor in the private firm.
The CBI statement said that close to ₹16.57 lakhs cash, around 88 foreign currency notes, some property documents, several bank accounts and other incriminating documents were recovered during searches.
The CBI said that a case was registered on a complaint from Bank of India (Ludhiana) against a private firm based at Gaunspura in Malerkotla, including then directors, guarantors of the private company, besides another private firm and unknown public servants and private persons.
“It was alleged that the said private firm based at Gaunspura, Malerkotla was engaged in trading of DOC Rice Bran, DOC Mustard Cake, Cottonseed Cake, Maize, Bajra and other food grains. The borrower firm was sanctioned loans at 4 intervals from 2011-2014 by the Bank...the firm through its Directors had concealed hypothecated stock and diverted book debts with malafide and dishonest intention so that the same were not made available to the creditor Bank for inspection and for effecting recovery as secured creditor. An alleged loss of ₹40.92 crore (approximately) was caused to Bank,” said the statement.
“It was also alleged that the loan availed by the accused has not been used for the purpose for which it was availed. Investigation is continuing,” said the statement.
