NEW DELHI(PTI) :In its drive against corruption Indias federal body of investigation Central Bureau of Investigation (CBI) has unearthed huge assets worth over 100 million rupees allegedly belonging to a chief manager of the former New Bank of India (NBL) which now stands merged with Punjab National Bank a CBI spokesman said June 13.
The bureau conducted simultaneous raids at Eight places including six at Delhi and two al Bombay and seized a large number of incriminating documents that indicated alleged investments by him in his and proxy names the spokesman added.
The CBI said he had made investments of about Rs 80 million in fixed deposit receipts and savings bank accounts in Indian and foreign currency. Documents showing investments of over Rs two crores in buildings Industrial plots and houses have also been recovered the CBI said.
This case was an off-shoot of another case registered in 1992 against a former chairman and managing director of the then NBI Some of its senior executives including the accused and others It was alleged that they had abused their official position and caused pecuniary advantage to the tune of Rs 20 million by giving various advances and credit facilities to a private company and a firm in violation of established rules and procedures of the bank the CBI said.
Article extracted from this publication >> June 17, 1994
