CBI books former Maruti Udyog MD Jagdish Khattar in bank loan fraud case

TIL Desk/Business/New Delhi/ The CBI has booked former Managing Director of Maruti Udyog, Jagdish Khattar, for alleged bank loan fraud of Rs 110 crore by his new company, officials said on Tuesday. In its FIR filed recently, the CBI has named Khattar and his company Carnation Auto India Limited for allegedly causing a loss of Rs 110 crore to Punjab National Bank, they said.

The CBI has carried out searches at the premises of 77-year old Khattar and Carnation Auto on Monday evening, they said. Khattar was with Maruti Udyog Limited from 1993 to 2007 when he retired as Managing Director of the company, they said.

After retirement he had launched Carnation for which he got a loan of Rs 170 crore sanctioned in 2009. The loan was declared non performing asset in 2015 with effect from 2012, the FIR said. The agency has registered an FIR under IPC sections related to criminal conspiracy and cheating on a complaint from Punjab National Bank, the officials said.