The Economic Offences Wing of the Delhi Police has arrested a man who duped the Punjab National Bank (PNB) of Rs 24.13 crores. The accused hypothecated stock with the bank and sold the same without informing the bank.
According to the complaint, a Pitampura-registered company availed various loans i.e. Cash Credit limit, LC, Term Loans worth Rs 24.13 crores through its directors by hypothecating stock of raw material, semi-furnished and unfinished goods, goods in transit, goods lying in the company’s godown/factory and agreed to submit the statement of stocks and book debts regularly to the bank.
Accused Pradeep Mittal is the authorized signatory of the bank account of the alleged company Bhumika Ispat.
In the year 2014 when the alleged company failed to submit the statement of stock and book debit to the complainant bank, the bank officials visited the factory premises/ godown and found very negligible stock lying there and unit was found non-functional/closed. The directors of the alleged company have sold out the hypothecated stock and siphoned off the amount without the knowledge of the complainant bank. The amount involved in the present case is Rs 24.13 Crore (approx), it said.
The directors of the company had availed credit facilities in 2013 from the complainant bank. The bank secured the credit facilities through the security by way of hypothecation of stock of raw materials, semi finished goods, goods in transit and book debts. Some properties were also mortgaged as collateral by the alleged company Bhumika Ispat Udyog (P) Ltd, the bank had mentioned in its complaint.
The alleged company started submitting the statement of stock, book and debts and other financial papers but from March 2014 stopped to submit the same to the bank. During inspection of the factory only Rs 12-15 lacs stock was found in the factory. Alleged Bhumika Ispat Pvt Ltd completely failed to answer the shortage of the stock. At the same time, they also failed to deposit the sale proceeds of the stock in the bank, the PNB said.