“It was alleged that the loans were sanctioned against inflated valuation of the collateral securities. The said borrowers thereafter disposed of the primary security without depositing the proceeds with the bank, thereby causing alleged loss of Rs 80 crore,” the statement said.
The searches led to the recovery of “incriminating” documents, stamps, hard discs and details of bank lockers, it said.
- 7th Pay Commission latest news : Is this the reason behind hike delay in minimum Pay
- Morning Wrap, Soon Electric buses to run in Jammu & Srinagar under Smart City project