CBI to probe senior bank officials in probe against Ratul Puri

The agency made the disclosure in a status report filed earlier this month before a Delhi court in its probe against Moser Baer India Ltd and its office bearers

New Delhi: The Central Bureau of Investigation (CBI) has decided to probe the role of senior officers – from branch level to head office - of multiple banks including State Bank of India, Union Bank of India, Canara Bank, Exim Bank and Central Bank of India, in its probe against Moser Baer, a company promoted by Ratul Puri, businessman nephew of senior Congress leader and former Madhya Pradesh chief minister Kamal Nath.

The federal anti-corruption agency made the disclosure in a status report filed earlier this month before a Delhi court in its investigation against Moser Baer India Ltd (MBIL) and its office bearers in a bank fraud worth ₹354 crore . (HT PHOTO)

The federal anti-corruption agency made the disclosure in a status report filed earlier this month before a Delhi court in its investigation against Moser Baer India Ltd (MBIL) and its office bearers in a bank fraud worth ₹354 crore.

The case dates to August 2019, when CBI named Deepak Puri and Nita Puri (sister of Kamal Nath), and their son Ratul Puri, apart from MBIL, and unknown public servants as accused. Ratul Puri was arrested the same month by the Enforcement Directorate (ED), which is conducting a parallel investigation into possible money laundering. He is currently out on bail.

CBI claims that the company (Moser Baer) was taking loans from various banks since 2009 and went for debt restructuring a number of times. When it was unable to pay the debt, a forensic audit was done by the Central Bank of India on April 20, 2019, which accused the company of fraud.

In its status report, details seen by HT, CBI said that it collected total 428 documents from the banks after scrutinizing voluminous documents and examined 20 suspects and witnesses between January 21 and February 3 this year.

“That, the examination of bank officials and other persons has prima facie indicated roles of certain public servants of banks. Accordingly, a proposal has been drafted and under process for administrative approval of competent authority of CBI before sending the same to the CVOs (chief vigilance officers) of respective banks to seek previous approval against several bank officers from the branch level to HO (head office) level in respect of SBI, UBI, Canara Bank, Exim Bank and Central Bank of India seeking previous approval for conducting investigation against them,” CBI said.

The agency has not divulged the names of bank officers being investigated.

Agency officials who didn’t want to be named said that the previous or prior approval is required to launch investigation against public servants (bank officers in this case) under section 17A of the prevention of corruption act.

ED has claimed in its charge sheet in this case that loans to the tune of ₹7979.30 crores were taken from various banks have been misused and misappropriated by Moser Baer and its directors/promoters for their own use and have further been transferred in the companies of Hindustan Power Group promoted by Ratul Puri.

The financial crimes probe agency said that over a period of time, the receivables were written off and investments were shown to be diminished -- and that no efforts were made to recover the amounts.

Ratul Puri is named as an accused in ₹3,727 crore Agusta Westland VVIP chopper case as well.