The role of 11 officials of the State Bank of India (SBI) has come under the scanner of CBI for their alleged role in the Rs. 73.41-crore fraud case registered against liquor baron Charanjit Singh Bajaj, alias Channi Bajaj.
Though, the central investigation agency had raided Bajaj’s house. If the 11 officials acted responsibly the bank won’t suffer with losses amounting to crores.
The State Bank of India’s Ludhiana lodged a complaint on the raid conducted on Bajaj. deputy general manager for stressed assets management (SAM), Jagdish Lal. Since, he had accused Bajaj and his wife of embezzling the loan taken by his company, Pure Milk Products, by making payments to fictitious companies and fudging books of accounts to enjoy higher credit facilities.
Lal mentioned in the complaint that lapses found on part of 11 State Bank of India officials in an audit carried out by the bank. “On January 9, 2018, the 11 officials were asked to give an explanation, and the bank’s disciplinary authority issued an administrative warning to 10 of them, but no action letter was given to one of the officials,” he said.
Additionally, in the complaint, Lal also sought a probe against the erring officials, saying that the criminal role of unknown public servants had not been investigated and these could be examined during investigation of crime.
On Lal’s complaint, CBI’s economic offences unit registered a case against Pure Milk Products on November 2 this year. The accused included Pure Milk Products Private Limited, Bajaj, his wife and unknown public servants and private persons.Therefore, it was under offences of criminal conspiracy, cheating, forgery of valuable security.
A fresh audit done into the accounts of Bajaj firm. It revealed a VAT invoice of Rs. 150.86 lakhs. It submitted to Pure Milk Products and forged it. The invoice issued by Goyal Engineering Corp to Pure Milk Products Private Limited. Hence, the firm found to ficticious at the time the auditors visited its address. As it enquired from the locals.
The CBI team later came to know that the company was fake and so was the invoice. From Pure Milk product 130 lakhs transferred. It transferred to Livtar Singh B account on March 6, 2013. The latter further transferred to Livtar Singh Bajaj and a company related to puremilk. It cleared that Pure Milk did’nt purchased from this amount. On March 16, 2013, the accused transferred Rs.130 lakhs from Pure Milk Products. Therefore, it transferred to Livtar Singh B account. Latter it transferred to Livtar Singh Bajaj and company related to Pure Milk.
Final Words regarding the State Bank of India Case
In 1990-1991 the auditors observed most of the machinery used by the company. It refurnished in 2009. But actually purchased from the term loan availed by it. According to the audit report, the owners also fraudulently declared proposed dividend of Rs. 241.53 lakh in the year 2013-14. Therrfore the 11 officials of State Bank of India were banned for doing illigal activities.
