Bank loan fraud: CBI books former Maruti MD Jagdish Khattar
In its FIR filed recently, the CBI named Khattar and his company -- Carnation Auto India Limited -- for allegedly causing a loss of Rs 110 crore to Punjab National Bank.
Jagdish Khattar, former Managing Director of Maruti Udyog, has been booked by the Central Bureau of Investigation (CBI) for cheating Punjab National Bank to the tune of Rs110 crore, officials said on Tuesday.
In its FIR filed recently, the CBI named Khattar and his company -- Carnation Auto India Limited -- for allegedly causing the loss, they said.
Khattar was with Maruti Udyog Limited from 1993 to 2007 when he retired as Managing Director of the company.
Post retirement, Khattar launched Carnation for which he got a loan of Rs 170 crore sanctioned in 2009. The loan was declared non performing asset in 2015 with effect from 2012, the FIR said.
The agency registered the FIR under IPC sections related to criminal conspiracy and cheating on a complaint from Punjab National Bank, according to the officials.
The CBI said that an investigation had been launched to look into the matter. Khattar could not be reached for a comment. A look-out circular against him has not yet been issued.