CBI registers the case against former Maruti MD Jagdish Khattar….

New Delhi, Jagdish Khattar, former MD of the country’s largest carmaker Maruti Suzuki, has been arrested by the CBI in a fraud case. According to the CBI’s FIR, Khattar and his company Carnation Auto India are accused in the Rs 110 crore loan scam. Khattar was with MSIL (then known as Maruti Udyog Limited) from 1993 to 2007 when he retired as Managing Director of the company. At the same time, in the year 2008, he started the new company Carnation.

Carnation took a loan of Rs 170 crore from Punjab National Bank (PNB) in 2009. In 2015, the loan was declared NPA. This caused a loss of Rs 110 crore to PNB. In this case, PNB registered a case of criminal conspiracy and fraud.

PNB’s forensic audit found that Khattar had fraudulently sold fixed assets amounting to Rs66.92 crore for a mere Rs4.55 crore without the bank’s prior approval — assets that had actually been furnished to the bank as collateral.

According to sources, the CBI has registered an FIR on the basis of the complaint. Many people are going to be questioned about this matter soon. The CBI has filed a case against him on the charge of scam in financial transactions. Along with them, a case of cheating, forgery and criminal conspiracy has been filed against some other unknown people.