Home >News >India >CBI books Amrapali Biotech, directors in alleged 48 crore bank fraud

The Central Bureau of Investigation has filed an FIR against Amrapali Biotech and its directors over allegations of duping Punjab National Bank to the tune of 47.97 crore.

The original bank of concern was Oriental Bank of Commerce, which was merged with Punjab National Bank (PNB), with effect from April 1, 2020, under the mass public-sector banks' consolidation.

The Central Bureau of Investigation (CBI) has also booked Sunil Kumar, Sudhir Kumar Chaudhary, Ram Vivek Singh, Seema Kumari, Sunita Kumari on a complaint from Punjab National Bank, they said.

"It was alleged that said private company and its directors had misappropriated the loan amount of Rs. 47.97 crore (approximately), which was sanctioned and disbursed for setting up units for manufacturing of food products like jam, sauce, pickles, cornflakes etc. in Rajgir District- Nalanda & Navanagar, District Buxar (Bihar), with an ulterior motive to cheat the bank and embezzle the public money," CBI spokesperson RC Joshi said.

He said that the bank suffered an alleged loss of Rs. 35.25 crore (approximately), apart from interest on loan amount, which is due since the date the account was declared non performing asset (NPA) on July 1, 2016.

"Searches were conducted at the premises of the accused which led to recovery of some incriminating documents," he said.

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