This plywod maker defrauds PNB of Rs 169 cr, lands in CBI net
New Delhi: Central probe agency CBI has booked the directors of plywood maker Sonear Industries Ltd in an alleged fraud committed by them to the tune of Rs 169 crore against Punjab National Bank (PNB).
The agency is conducting raids at five locations related to the directors. CBI has booked the directors- Roop Kishore Tuli, Jitendra Kejriwal and Mohan Jha, along with the company.
The bank had declared the loans given to the company non performing asset (NPA) in 2016 with retrospective effect from 2014 since various attempts to recover the money from the company by the bank came to a naught, CBI said in a statement.
A forensic audit was conducted on the company in 2019 and it was declared fraud after many irregularities were found in the audit. One of the irregularities by the company was opening of an account in another bank without obtaining No Objection Certificate from PNB. The company also used other bank's account for transferring money to various other corporate bodies. Another thing found during audit was that the company started cotton fabric business without telling PNB. It did not even register its VAT number and sales tax registration number.
Sonear Industries was earlier called Donear Decor Ltd. It has around 2,000 dealers in the country, CBI said.