Absconding accused held by CBI in Rs 22 crore fraud case

New Delhi, July 14 (IANS) The Central Bureau of Investigation (CBI) on Friday said it has arrested an absconding accused, Vinod Kumar Sharma, the then Director of a private firm, who was allegedly involved in a bank fraud case of Rs 22 crore. 

The borrower company, Aar Vee Controls Pvt. Ltd, and its director Kanta Sharma were convicted by a court in 2017. Sharma was absconding and had been declared a proclaimed offender.

"Following recent inputs about the absconding accused, CBI mounted efforts to locate him, which included verifying his address, location, ascertaining his movements which finally resulted in apprehension of the accused," said the official.

The official said that the accused would be produced before a Special CBI Court in Ghaziabad on Saturday.

The CBI registered this case on March 23, 2015 on a complaint from Punjab National Bank against Aar Vee Controls Pvt. Ltd. and its Director Kanta Sharma and unknown officials of Punjab National Bank.

"It was alleged that the company, through its directors, availed various credit facilities from PNB Branch, Noida and the amount disbursed vide said credit facilities was siphoned off by the said accused persons. Further, the hypothecated stocks were also disposed of without depositing the sale proceeds in the bank.

"Thus, the accused allegedly cheated the bank and caused a loss of Rs 22 crore," said the official.

The CBI, after conducting the investigation, had filed a chargesheet in the Court of Special Judicial Magistrate, CBI Cases, Ghaziabad.

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