Cbi Books Psl Group for deceiving Canara Bank out of Rs 428.50 Crore

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By PTI IST (Released)

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In addition to the company, the CBI has also named its directors Ashok Yogender Punj, Rajender Kumar Bahri, Chitranjan Kumar, Jagdishchandra Goel and Alok Yogender Punj as defendants in the case.

The CBI has filed a lawsuit against PSL Group and its directors for allegedly deceiving Canara Bank out of Rs 428.50 crore into failing to repay the loans, officials said.

The agency carried out searches at seven locations in Mumbai and Kutch, Gujarat on Thursday, which recovered incriminating documents, they said.

In addition to the company, the CBI has also named its directors Ashok Yogender Punj, Rajender Kumar Bahri, Chitranjan Kumar, Jagdishchandra Goel and Alok Yogender Punj as defendants in the case.

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Acting on the bank’s complaint, the CBI took over the investigation after the registration of the FIR.

It is alleged that the defendant participated in a conspiracy to deceive Canara Bank from 2016 to 2019 and sought sanction from various credit facilities, officials said, adding that the defendant misrepresented the books of accounts, used misuse the bank’s funds and misappropriated the debts of its debtors.

“It has further been alleged that the loan amount received from the bank for various projects has been used for purposes other than those for which it was used. An alleged loss of Rs 428.50 crore (approx) was caused to Canara Bank,” a CBI spokesperson said.

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