CBI searches properties of AAP’S Amargarh MLA

88 foreign currency notes, ₹16.57 lakh, property papers, bank accounts and other incriminating documents were recovered during searches, say officials

PATIALA: The Central Bureau of Investigation (CBI) on Saturday conducted searches at the properties of Aam Aadmi Party’s (AAP) Amargarh MLA Jaswant Singh Gajjan Majra in connection with a ₹40-crore bank fraud case.

In a statement, the federal agency said that as many as three locations in Sangrur and people associated with the accused, including directors, guarantors and private firms, were raided in an ongoing investigation of the case.

A total of 88 foreign currency

notes, ₹16.57 lakh (approximately), some property documents, many bank accounts and other incriminating documents were recovered during the searches, the agency said.

The CBI searches came a day after failed bid by Punjab Police to arrest Delhi BJP leader

Tajinder Bagga.

Jaswant is among seven people and companies named as accused in the case. Balwant Singh, Kulwant Singh, Tejinder Singh, M/s Tara Health Foods Ltd through its directors, M/s Tara Corporation Ltd (renamed as Malaudh Agro Ltd), and some unknown public servants/private

persons are other accused named in the bank fraud case.

The CBI statement said that the probe began after a case was filed on a complaint from Bank of India in Ludhiana against a private firm based in Gaunspura in Malerkotla tehsil and others, including directors, guarantors of the company, another private firm and some unknown public servants.

“It was alleged that the said private firm was engaged in trading of de-oiled rice bran, de-oiled mustard cake, cottonseed cake, maize, bajra and other food grains. The borrower firm was sanctioned loans at 4 intervals from 20112014 by the bank,” the statement added.

The complaint further alleged that through its directors, the firm had concealed “hypothecated stock and diverted book debts with mala fide and dishonest intention so that the same were not made available to the creditor bank for inspection and for effecting recovery as secured creditor”.

The operation caused the bank to incur a loss of ₹40.02 crore (approximately).

Another allegation is that the loan availed by the accused has not been utilised for the purpose for which it was taken.

The AAP MLA served as the director and guarantor in the private firm.