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Financial Fraud
PNB & Another v. CBI & 5 Others Before The Hon’ble Kerala High Court W P No. 631/2023 Hon’ble Mr. Justice BK Thomas J, disposed the WP at the Stage of Admission itself with direction to CBI.  Punjab National Bank, Link Road Branch Kozikhode, Kerala filed Writ Petition before Kerala High Court seeking probe of financial fraud committed by the Sr. Manager of the Bank which initially appeared to be 98,00,000/-lakhs swelled to Rs.12,81,39,000/- Crores during the Course of Investigation.
Background A criminal case under section 409*, 420** IPC was registered by the PNB Link Road Branch Kozikhode, at Kozhikode Town Police Station. The gist of the allegations is that, between the period 12.10.2022 and 25.11.2022, the accused who was the former Senior Manager of the bank had cheated and defrauded the Punjab National Bank as well as the Kozhikode Corporation for an amount more than Rs.98,00,000/- lakhs. Prayer of the PNB before the Hon’ble Kerala High Court Investigation be directed to be handed over to CBI in view of clause 6.1 of the Banking Regulation Act, 1949, accordingly, the financial frauds involving more than three crores’ rupees and above has to be investigated by the Anti-Corruption Branch of the CBI. Direction of the Court The Inspector of police conducting investigation was directed to inform the crime to the CBI who shall thereafter, take over investigation of the aforementioned crime and complete the investigation as early as possible.  409 IPC* Criminal breach of trust by public servant, or by banker, merchant or agent.—Whoever, being in any manner entrusted with property, or with any dominion over property in his capacity of a public servant or in the way of his business as a banker, merÂchant, factor, broker, attorney or agent, commits criminal breach of trust in respect of that property, shall be punished with 1[imprisonment for life], or with imprisonment of either descripÂtion for a term which may extend to ten years, and shall also be liable to fine.  420 IPC** Cheating and dishonestly inducing delivery of property. —Whoever cheats and thereby dishonestly induces the person deÂceived to deliver any property to any person, or to make, alter or destroy the whole or any part of a valuable security, or anything which is signed or sealed, and which is capable of being converted into a valuable security, shall be punished with imprisonment of either description for a term which may extend to seven years, and shall also be liable to fine.
 Seema Bhatnagar
#financialfraud#over12crore#criminalbreachoftrustbybanker#cheatinganddishonestlyinducingdeliveryofproperty#punjabnationalbank#Kozikhodekerala#threecroreandabove#cbiinvestigation#bankingregulationact1949#keralahighcourt
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