Central Bureau of Investigation (CBI) booked a Chandigarh-based company Kudos Chemie Ltd. in a fraud case as per allegations made by Punjab National Bank (PNB). This firm whose set up is in Chandigarh has syphoned off a whopping INR 1301 crore from the bank on various grounds. A team of CBI officials raided Kudos Chemie Ltd. at various locations on Sunday to probe the matter.
About Kudos Chemie Ltd.
Kudos Chemie Ltd. has its base tracing back to the heart of the city beautiful Chandigarh. Run by three directors namely, Jitendra Singh, Kabir Sodhi and Gurmeet Sodhi, the company boasts itself to be the manufacturers of acids and other chemicals. Not much information could be gathered about the firm which is now accused of serious charges filed against them by Punjab National bank in a case of forgery, fraud and cheating.
About the Fraud
Kudos Chemie Ltd. in Chandigarh has been slammed with serious offensive charges under Indian Penal Code. Punjab National Bank (PNB) has alleged that the accused directors have resorted to unfair means to get funds from the bank. A case slating following charges has been registered against the three directors of the company. The charges under which they are booked are as follows:
- Criminal conspiracy
- Falsely availing credit facilities
- Fabrication of fake documents
The bank alleges that the three directors along with several other people have presented fake documents to avail funds from the bank. A huge sum of around INR 1300 crores was syphoned off from the bank leading to suspicions.
CBI Raids in Action
CBI officials conducted raids at several places to probe the matter in the entire city Chandigarh covering Panchkula and Mohali as well. The officials even visited their Derabassi factory on Sunday which was found the partly closed following which the CBI team left the place after some interrogation. The traces of the raids are highly secretive and could not be ascertained as CBI is closely probing the entire matter. The sections under which bank has filed a case are:
- Section 120
- Section 420
- Section 467
- Section 468
- Section 471 IPC
In one such another case, a Madhya Pradesh-based firm Jagdamba AMW Automotive Limited has duped Canara Bank off around 44 crores approximately. The officials have carried out raids at various places like Jabalpur and Reva in MP to investigate the matter. A case has been registered against the four directors running the firm, namely, Pushpendra Singh, Yogendra Singh, Shailendra Singh and Pratima Singh under the aforementioned charges as in the previous case.
Similar such incidents have been found to occur in other cities as well creating a havoc for banks pan India. CBI has taken charge of all such cases and investigations are on. Involvement of CBI in itself is a task which indicates the intensity of the fraud that is in place and all we hope is that a classic example is served to those who dare.