New Delhi, December 24: The CBI has filed an FIR against Director of Carnation Auto India, Jagdish Khattar(former Maruti MD) in Rs 110 crore bank loan fraud case by his Carnation Auto India. FIR has also been lodged against other unknown private people under criminal breach of trust, cheating and criminal misconduct.
In the FIR, CBI has named Khattar and his company Carnation Auto India Limited for allegedly causing a loss of Rs 110 crore to Punjab National Bank. The investigating agency carried out searches at the premises of 77-year old Khattar and Carnation Auto on Monday evening. Maruti Suzuki Says 'Over 3,000 Temporary Jobs Cut Due to Slowdown'.
Check ANI tweet:
CBI has filed FIR against Director of Carnation Auto India, Jagdish Khattar(former Maruti MD) and the said company(Carnation Auto India) and other unknown private person under criminal breach of trust,cheating and criminal misconduct. pic.twitter.com/6bBhdQxUt4
— ANI (@ANI) December 24, 2019
Reportedly, after quitting Maruti Suzuki, Jagdish Khattar started Carnation Auto India Pvt Ltd and got Rs 170 crore loan from Punjab National Bank. Around Rs. 110 crore is the outstanding amount and the account turned into a non-performing asset (NPA) in 2015. Khattar was with Maruti Udyog Limited from 1993 to 2007 when he retired as Managing Director of the company.