The Central Bureau of Investigation (CBI) has booked Jagdish Khattar, the former Managing Director of Maruti Suzuki, in relation to a Rs 110 crore bank loan fraud.
In an FIR filed by the CBI officials, Khattar and his company Carnation Auto India Limited have been accused of causing a loss of Rs 110 crore to Punjab National Bank (PNB). Carnation Auto is an independent multi-brand automobile sales and service network.
Khattar worked for Maruti Suzuki from 1993 to 2007, when he retired from the post of MD. After his retirement, he formed Carnation, for which he got a loan worth Rs 170 crore sanctioned in 2009. The loan was subsequently declared a non-performing asset in 2015 with effect from 2012, according to the CBI FIR.
The CBI has further alleged that Khattar’s company dishonestly and fraudulently sold the goods hypothecated to the bank without permission and then diverted the funds thereby causing criminal breach of trust. It is also alleged that Khattar failed to deposit the sale proceeds to PNB.
from Autocar India - News https://ift.tt/398fhYq
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