Post Nirav Modi fraudlent transactions, Punjab National Bank (PNB) has reported another fraud to CBI and this time it’s related to Prime Minister flagship loan program MUDRA Yojana. The volume of loan fraudlent transaction is limited to only 62 lacs in 26 Mudra loan accounts.
One of the PNB branch in Barmer distraic of Rajasthan has sactioned loan under Micro Units Development and Refinance Agency (Mudra) scheme to 26 borrowers without assessing the proposal carefully , where assets were not created as per the requirement of loan, violating the extant guidelines.
CBI stated that PNB sanctioned Mudra loans “without conducting meaningful pre-inspection or physical verification of spot of business or residence and without ascertaining end use of the loan amount or creation of assets from the loan amount”.
As per the MUDRA loan processing the pre and post sanction inspection is required and to verify the assets creation. The borrower is required to create an asset using the money that acts as a security to the bank against the sanctioned loan. In this case, no assets were created out of the loans sanctioned under Mudra. Inspection were done only in one case out of 26 and even that was fake and prepared on the table at office.
Further CBI informed that Five out of the 26 loan accounts have turned into non-performing assets as the loans were not utilised to create assets.“The bank cannot recover the outstanding amount of R.6.2 million as no security is available with the bank. Thereby, the suspect public servant caused wrongful loss of Rs.6.2 million to the bank and corresponding wrongful gain to himself and other unknown persons.