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Delhi Police arrests man who duped Punjab National Bank of ₹24.13 crore

The Economic Offences Wing of the Delhi Police has arrested a man who duped the Punjab National Bank (PNB) of Rs 24.13 crores. The accused hypothecated stock with the bank and sold the same without informing the bank. According to the complaint, a Pitampura-registered company availed various loans i.e. Cash Credit limit, LC, Term Loans worth Rs 24.13 crores through its directors by hypothecating stock of raw material, semi-furnished and unfinished goods, goods in transit, goods lying in the company’s godown/factory and agreed to submit the statement of stocks and book debts regularly to the bank.

News source ~ India Tv