Ex-Maruti MD Jagdish Khattar booked by CBI in bank loan fraud case

The Central Bureau of Investigation (CBI) has booked former Managing Director of Maruti Suzuki Jagdish Khattar in connection with an alleged bank loan fraud of Rs 110 crore by his new company, the agency said on Tuesday.

In its FIR filed recently, the central investigating agency has named Khattar and his company Carnation Auto India Ltd for allegedly causing a loss of Rs 110 crore to state-run Punjab National Bank (PNB).

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Khattar and his firm have been named along with other unidentified persons in a recent FIR filed by the Central Bureau of Investigation (CBI) in the case on a complaint by PNB.

After completing his stint at Maruti Udyog Ltd from 1993 to 2007, he launched Carnation for which he took a loan of Rs 170 crore from PNB sanctioned in 2009.

As per the FIR, the loan taken by Khattar was declared a non-performing asset in 2015, with effect from 2012.

A case has been registered under IPC sections related to criminal conspiracy and cheating on a complaint from Punjab National Bank, reports stated.

(With input from agencies)