CBI Books Former Maruti MD Jagdish Khattar In Bank Loan Fraud

The Central Bureau Of Investigation (CBI) has filed a case of  fraud case against Jagdish Khattar, former Maruti MD. CBI officials gave this information on Tuesday. According to the CBI FIR, Khattar and his company Carnation Auto India are accused in the Rs 110 crore loan scam.

Khattar was part of Maruti from 1993 to 2007. He retired as MD in 2007. In 2008, he started Carnation. The company sells car accessories and used cars. Carnation took a loan of Rs 170 crore from Punjab National Bank (PNB) in 2009. In 2015, the loan was declared NPA. This caused a loss of Rs 110 crore to Punjab National Bank. The agency has registered an FIR under IPC sections related to criminal conspiracy and cheating on a complaint from Punjab National Bank, the officials said.

Responding to the above development, Jagdish Khattar said “I had invested my life savings in the company. I understand the bank is following a process. I have always made myself available and will continue to fully cooperate with all the agencies. The claims being made were examined in great detail during the forensic audit and we provided satisfactory replies on each. We were cleared in the forensic audit on each count. I have no doubt we will be vindicated again once the investigation is completed.”