SBI files case against 4 people for submitting Fake Loan Documents

Firozpur: The City Police have registered a case of fraud against four accused who presented fake documents to State Bank of India (SBI) to recover a loan of Rs. 39,52,200. The police have arrested one of the accused, while the remaining three are absconding.

Gurjot Singh Vasi, Assistant Bank Manager at State Bank of India, stated in his statement to the police that he works as an assistant manager at the bank. Due to the transfer of the bank manager, he was also overseeing the loan department.

The accused, Ajay Kumar Vasi from Rajod Kathal (Haryana), Ali Jan Vasi from Pegan 66 Jind (Haryana), Gurudev Vasi from Majra Rohra District Kathal (Haryana), and Anil Vasi from Nai Basti Nirvana (Haryana), colluded with each other. They individually approached the bank to obtain loans. They submitted fake documents and fake identification papers to the bank to recover the loan. Based on these fake documents, the four accused managed to recover a loan amount of Rs. 39,52,200 from the bank. When Assistant Bank Manager Gurjot Singh verified their documents, he found them to be fake.

After the complaint was lodged with the police, they took immediate action and arrested Ali Jan. The other three accused are currently on the run. The City Police have registered a case against Ajay, Ali Jan, Anil, and Gurudev. The police are conducting raids at various locations to apprehend the remaining accused.

Court orders Punjab National Bank to deduct salary of officers who withdrew amount from Doctor’s account

Punjab National Bank officials were involved in a case of fraudulently withdrawing money from a doctor’s account. The doctor filed a complaint with the District Consumer Forum. The court has ordered the bank officials to deposit the embezzled amount from their salaries.

The District Consumer Forum’s Assistant Public Information Officer, Shekhar Verma, of Bulandshahr, revealed that bank officials withdrew Rs 1,66,730 from Dr. Reshma Agarwal’s Punjab National Bank account through fake and cloned checks via RTGS/NEFT. An FIR was registered at the local police station. Dr. Reshma Agarwal filed a complaint with the District Consumer Forum, while the opposing bank denied the allegations. After hearing arguments from both sides, Chairman Chandrapal Singh and female member Neelam Kumari dismissed the opposing bank’s claims. They also issued an order stating that the bank officers should pay the embezzled amount of Rs 1,66,730, withdrawn from her account on January 12, 2018, with a 7% annual interest from the date of withdrawal within 45 days.

Additionally, she must be paid Rs 10,000 for mental damages and litigation expenses. The opposition deliberately made the complainant’s payment through a cloned check by an unknown person. Therefore, disciplinary action will be taken against the opposition and they will be held responsible for the entire amount and amount will be deducted from their salaries personally, along with the departmental action imposed by the punitive authorities.

ALL SATURDAY AS A HOLIDAY IN BANKING INDUSTRY

Court says CBI misused power by arresting former ICICI Bank CEO Chanda Kochhar

The Bombay High Court criticized the CBI’s arrest of Chanda Kochhar and her husband, Deepak Kochhar, in connection with a loan fraud case involving Videocon and ICICI Bank. The court stated that the arrest was unjustified and amounted to an “abuse of power.” It highlighted that the arrest was made hastily, without proper consideration of the law.

Lack of Legal Justification:

The High Court pointed out that the CBI failed to provide sufficient evidence or circumstances to support the arrest of the couple. According to the court, the absence of such evidence rendered the arrest illegal.

Right to Silence and Cooperation:

The court rejected the CBI’s claim that the Kochhars were uncooperative during the investigation. It cited Article 20(3) of the Indian Constitution, which grants individuals the right against self-incrimination. The court clarified that exercising this right should not be considered non-cooperation.

Interim Bail Granted:

The Bombay High Court had previously granted Chanda Kochhar interim bail, acknowledging a prima facie case of illegal arrest. This decision was made about two weeks prior to the recent ruling.

Details of the Case:

The CBI had accused Chanda Kochhar, Deepak Kochhar, and Videocon chief Venugopal Dhoot, along with certain companies, in a FIR. The charges included criminal conspiracy and violations of the Prevention of Corruption Act (PCA). Dhoot was also arrested but was granted bail in January 2023.

ICICI Bank – Videocon Scam

The ICICI-Videocon loan scam revolves around a criminal plot masterminded by Chanda Kochhar, the Managing Director of ICICI Bank. Exploiting her influential position, Kochhar approved a massive loan of ₹3,250 crore (US$696.34 million) to Videocon International Electronics Limited (VIEL), owned by Venugopal Dhoot, between June 2009 and October 2011. This fraudulent act aimed to deceive the bank in exchange for illicit favors and personal gains in NuPower Renewables Private Limited (NRPL), a company owned by Kochhar’s husband, Deepak Kochhar.

During the preliminary investigation conducted by the Central Bureau of Investigation (CBI), it was revealed that ICICI Bank violated its own policies by granting six loans totaling ₹1,875 crore to companies associated with the Videocon Group, spanning from June 2009 to October 2011. The CBI alleges that these loans were declared as non-performing assets in 2012, resulting in a staggering loss of ₹1,730 crore for the bank.

In April 2023, the CBI filed a comprehensive chargesheet against Chanda Kochhar, Deepak Kochhar, Venugopal Dhoot, and six other individuals involved in the scam. Subsequently, on June 26, 2023, the CBI presented their arguments before a special court, seeking validation and acceptance of the chargesheet. The investigation into this elaborate conspiracy continues, shedding light on the intricate web of deceit and corruption that has tarnished the reputation of ICICI Bank and its key players.

Court orders Punjab National Bank to pay compensation for not providing insurance amount to customer

The District Consumer Disputes Redressal Commission, Panipat (Haryana), recently held Punjab National Bank (PNB) liable for deficiency in services. This was due to PNB’s failure to settle the claim of Rs. 18 lakh after the demise of a valid policyholder. The commission directed PNB to pay the claim amount of Rs. 18 lakh to the nominee and also pay Rs. 5,000 as compensation along with Rs. 5,500 for the litigation costs incurred by the nominee.

Case Details

• Mrs. Phoolpati’s husband, Ashok Kumar, initially held an account with the Oriental Bank of Commerce. However, due to a merger, the bank became Punjab National Bank (PNB), resulting in a different account number.
• Ashok Kumar tragically lost his life in a road accident, and an FIR was registered under Section 279/304A IPC at P.S. Madlauda, District Panipat.
• Ashok Kumar had opened a savings account in PNB, which was later converted into a salary account by the officials of the PNB branch.
• Ashok Kumar had also availed a personal accidental insurance policy with PNB, which obligated PNB to disburse Rs. 18 lakh to the legal heirs in the event of various contingencies.
• Despite repeated visits to the PNB branch, the settlement of the claim was unduly prolonged with various pretexts.
• Mrs. Phoolpati sent a legal notice to PNB, but the bank neither made the stipulated payment nor responded to the notice.

Consumer Complaint

Feeling aggrieved, Mrs. Phoolpati filed a consumer complaint against PNB with the District Consumer Disputes Redressal Commission, Panipat. PNB did not appear before the commission for the proceedings.

Commission’s Decision

The District Commission referred to the “RBD (R) Circular 12/2020,” which outlined modifications in PNB’s new salary scheme. According to the circular, all variants were eligible for an insurance cover of Rs. 18 lakh. Since the deceased’s salary fell within the ‘GOLD’ variant, the commission held that Mrs. Phoolpati, as the legal heir, was entitled to the insured amount of Rs. 18 lakh. Therefore, the commission held PNB liable for deficiency in services.

Commission’s Directives

As a result, the District Commission directed PNB to:

• Make a payment of Rs. 18 lakh to Mrs. Phoolpati, the complainant, within 45 days.
• Pay interest at the rate of 9% per annum from the filing date until realization.
• Provide Rs. 5,000 as compensation to Mrs. Phoolpati.
• Reimburse Rs. 5,500 as litigation costs incurred by Mrs. Phoolpati.
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LIC EMPLOYEE UNIONS REFUSE 14% SALARY HIKE

Expecting around 22% ,while initial offer is 14% which was straight away rejected.

While in banks as per union and IBA 17% reflects the dedication and commitment of workers towards the institution

Deutsche Bank allows employees to work for 3 days in office

Deutsche Bank AG is implementing new work-from-home policies, following in the footsteps of other investment banks that are increasing in-office attendance. According to a memo seen by Bloomberg on Thursday, managing directors will now be required to be in the office four days a week, while all other staff must come in at least three days. These changes will take effect in June.

Deutsche Bank is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange. Deutsche Bank was founded in 1870 in Berlin. Deutsche Bank is the largest bank in Germany, totaling over 1.32 trillion euros in assets.

Confirmation of the memo’s authenticity was provided by a Deutsche Bank spokesman. This move aligns Germany’s largest bank with its Wall Street counterparts, who are also mandating a return to the office. Previously, Deutsche Bank allowed employees to work from home up to three days a week, depending on their roles. It is worth noting that Goldman Sachs Group Inc. already requires staff to work in the office five days a week.

Additionally, Deutsche Bank has prohibited employees from working remotely on Fridays and Mondays. In a memo, CEO Christian Sewing and COO Rebecca Short justified this decision by stating that the current utilization of real estate is inefficient. They expressed the bank’s desire to distribute its presence more evenly throughout the week.

The introduction of this new policy may seem contradictory to Deutsche Bank’s efforts to reduce office space. Last year, the bank announced its intention to decrease its real estate footprint in Frankfurt and a neighboring town by 40% by the end of 2022, citing increased remote work as a contributing factor. CEO Christian Sewing has set a goal of cutting costs by approximately €1.7 billion ($1.8 billion) over the next two years.