1 held for defrauding PNB of Rs 24 crore

new delhi: EOW of Delhi Police arrested a person who cheated Punjab National Bank to the tune of Rs 24.13 crore. Police identified the accused as Pradeep Kumar Mittal. The complainant Punjab National Bank has alleged that in 2013, one Bhumika Inspat Udyog Pvt Ltd, availed various loans worth Rs 24.13 crore through its directors by hypothecating stock of raw material, semi-furnished and unfinished goods, goods in transit, goods lying in the company's godown, factory and agreed to submit the statement of stocks and book debts regularly to the bank. Joint Commissioner of Police (EOW) OP Mishra said in the year 2014 when the alleged company failed to submit the statement of stock and book debit to the complainant bank, the bank visited the factory premises, godown and found very negligible stock lying there and the unit was found non-functional or closed. Thus directors of the alleged company have sold out the hypothecated stock and siphoned off the amount without the knowledge of the complainant Bank.