CBI Registers Case Against Former Maruti MD Jagdish Khattar In Connection With Rs 110 Crore Bank Loan Fraud

The CBI has registered a case against former Maruti Udyog Managing Director Jagdish Khattar in connection with an alleged bank loan fraud of Rs 110 crore by his new company, the agency said on Tuesday (24 December).

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).

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.

The agency said that Khattar was with Maruti Udyog Ltd from 1993 to 2007 and worked in the company as Managing Director before retirement.

After almost a gap of around two years of Khattar's retirement, Khattar launched Carnation for which he got a loan of Rs 170 crore sanctioned in 2009.

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

(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)