CBI Seizes Gold, Rs 21.50 Lakh Cash, Rs 6.83 Crore In Demand Drafts In Bank Fraud Case

The CBI has seized Rs 21.50 lakh cash, demand drafts worth over Rs 6.83 crore, and other assets in connection with its probe into an alleged bank fraud of Rs 35.99 crore, officials said Tuesday.
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The CBI conducted the searches in connection with its probe into the alleged fraud of Sterling Motors company to the tune of Rs 35.99 crore in the Punjab and Sind Bank, they said.?
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The company allegedly availed cash credit limit of Rs 18 crore and a bank guarantee of Rs 22 crore during 2009-18 against prime security for new vehicles, spare parts, accessories, and others, the central probe agency said.
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It is alleged that the funds were diverted to other banks and were later misappropriated, officials said, adding the account was declared a non-performing asset on March 31, 2018, with an outstanding of Rs 35.99 crore.
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During the searches at the premises of accused proprietor Tarun Kapoor and guarantor Pawan Kapoor the CBI recovered Rs 21.50 lakh cash, five gold watches, eight gold sovereigns, and 14 demand drafts of Rs 6.83 crore, the probe agency said.