Former Maruti MD Jagdish Khattar booked for Rs 110 crore bank loan fraud: CBI

CBI officials have filed an FIR in the case, where it has named Khattar and his company Carnation Auto India Limited for allegedly causing losses of Rs 110 crore to Punjab National Bank (PNB)

Former managing director of Maruti Udyog, Jagdish Khattar, has been booked by the Central Bureau of Investigation (CBI) in connection with a Rs 110 crore bank loan fraud.

CBI officials have filed an FIR in the case, where it has named Khattar and his company Carnation Auto India Limited for allegedly causing losses of Rs 110 crore to Punjab National Bank (PNB).

Khattar was with Maruti Udyog Limited from 1993 to 2007 when he retired as Managing Director of the company, CBI officials said.

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After retiring from Maruti Udyog, Khattar launched Carnation and took a loan of Rs 170 crore sanctioned in 2009. The loan was subsequently declared a non-performing asset in 2015 with effect from 2012, according to the CBI FIR.

The investigative agency has registered an FIR under the IPC sections related to criminal conspiracy and cheating on a complaint from Punjab National Bank, the officials said.

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