Bail Granted to 11 Accused in ₹100-Crore Punjab National Bank Fraud Case
₹100-cr PNB fraud case: 11 get bail as CBI court cites completed probe, no need for custody
Hindustan Times
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A special Central Bureau of Investigation (CBI) court in Mumbai has granted bail to 11 individuals accused in a ₹100-crore loan fraud case involving Punjab National Bank (PNB). The court cited the completion of the investigation and the absence of any need for custodial interrogation as reasons for the decision.
- 0111 individuals granted bail in a ₹100-crore fraud case involving PNB.
- 02The court noted the investigation is complete with no further evidence to recover.
- 03The fraud involved loans for 335 commercial vehicles, with only 240 documented.
- 04Promoters of Siddhi Vinayak Logistics Ltd are among those granted bail.
- 05Serious allegations of conspiracy and fraud were acknowledged by the court.
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On Friday, a special Central Bureau of Investigation (CBI) court in Mumbai granted bail to 11 accused in a ₹100-crore loan fraud case linked to Punjab National Bank (PNB). The court, led by Special Judge J P Darekar, stated that the investigation was complete, no custodial interrogation was required, and all material evidence had been seized. The case revolves around loans sanctioned to Siddhi Vinayak Logistics Ltd between 2013 and 2017 for purchasing 335 commercial vehicles. However, the CBI claims that only about 240 vehicles were documented against the loans, leading to a loss of ₹87.46 crore for the bank. The accused include the company's promoters and several bank officials. Despite the serious nature of the allegations, the court concluded that further interrogation was unnecessary as no new evidence could be obtained.
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The outcome of this case could influence public trust in banking institutions and impact how loan approvals are monitored in the future.
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