CBI raids properties of liquor baron at Sarabhanagar & Model Town |Seven other industrialists also raided

channi bajaj

The Hush Post| 6:37 pm|one-minute-read|

The CBI raided the properties of liquor baron of Bajaj group at Sarabhanagar, Model Town and Shastri Nagar in Ludhiana. The raids took place at 231-A, Sarabhanagar. Channi Bajaj is accused of defaulting, and, that despite the default, he carried out transactions of huge amounts.

It has been reported that seven other unnamed industrialists have also been raided. These are the ones who have defaulted to the tune Rs 50 crore.

It is also being apprehended that Bajaj might be questioned for further investigations.

Elsewhere, the Central Bureau of Investigation (CBI) carried out searches at 169 locations across the country in connection to various bank fraud cases to the tune of over Rs 7,000 crore.

CBI said the searches are being conducted in Andhra Pradesh, Chandigarh, Delhi, Gujarat, Haryana, Karnataka, Kerala, MP, Maharashtra, Punjab, Tamil Nadu, Telengana, UP, Uttarakhand and Dadra and Nagar Haveli.

Over 170 teams of the federal probe agency are conducting these searches in connection with 35 cases related to bank frauds involving thousands of crores.

Sources said that a high-level meeting of senior officials took place in the agency on Monday and the operation was finalised to conducts raids at different parts of the country since Tuesday morning.

After the Rs 13,000 crore bank fraud involving Punjab National Bank (PNB) and diamantaires Nirav Modi and Mehul Choksi, the central government had instructed the federal investigative agencies to take strict action against the bank fraudsters.

The raids are being carried out primarily in connection with frauds in nationalised banks. As per the Reserve Bank of India (RBI), there had been around 6,800 cases of bank fraud involving Rs 71,500 crore in 2018-19.

Sources also said that the CBI teams were accompanied by financial experts and auditors, who would be responsible for identifying and assessing documents related to loans borrowed by defaulters.

The money trail will also be ascertained by the agency following which information could also be shared with other agencies like the Enforcement Directorate (ED). Bank officials also remain under scanner for lending unsecured loans eventually training into NPAs.

The agency had started its crackdown after receiving complaints from multiple banks in July this year. In July, CBI raided more than 50 locations in different cities across 12 states and UTs in a countrywide action relating to bank cases.

 

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