The CBI on Tuesday said it conducted searches in an on-going investigation of a case at the premises of accused in Delhi which led to recovery of Rs 21.5 lakh cash, five gold watches, eight gold sovereign/ coins and 14 demand drafts (DDs) of Rs 6.83 crore besides relevant documents and digital devices. A case was registered on a complaint from Punjab & Sind Bank against a private company Sterling Motors Company and others including its Proprietor Tarun Kapoor, his wife and guarantor Pawan Kapoor and related group companies, officials said.
"It was alleged that the said private company (dealing in four wheelers) obtained cash credit limit of Rs 18 crore and bank guarantee (financial) of Rs 22 crore during 2009 to 2017 from the bank against primary security of new vehicles, spare parts and accessories," the agency said. It was further alleged that the firm diverted the funds to other bank accounts and related parties and thereby misappropriated the same.
The loan account was irregular and the bank declared it as NPA on March 31, 2018 with an outstanding amount of Rs 35.99 crore. The probe is continuing.