&nbsp;The Central Bureau of Investigation (CBI) has filed a case against Delhi-based Apple Industries Limited and its directors for allegedly defrauding Punjab National Bank (PNB) of ₹247.84 crore. The case was registered following a complaint by Kamal Agarwal, Chief Manager at PNB&rsquo;s Zonal Sastra Centre, Bhikaji Cama Place.
The FIR names company promoter Pawan Kumar Garg and directors Narendra Kumar Garg, Yogender Kumar Garg, Akash Gupta, and Ashish Garg, along with unknown public and private individuals. The accused face charges of cheating, criminal breach of trust, misappropriation, diversion of funds, and document fabrication.
Apple Industries, which deals in sponge iron and billet production, had secured a term loan of ₹58 crore and a cash credit facility of ₹15 crore from PNB in 2008. The company pledged immovable properties and machinery at its Andhra Pradesh site as collateral.
However, PNB&rsquo;s internal audits, along with reports from the Income Tax Department and the Department of Financial Services, flagged possible fund siphoning to overseas entities, especially in Hong Kong. The findings led to suspicions of large-scale financial misconduct.
PNB alleges that the loan was fraudulently diverted and assets were falsely represented, causing massive losses to the bank. The CBI's Bank Securities and Fraud Branch (BS&amp;FB) is now investigating the case.
[Except for the headline, this article has not been edited by the Benefit News editorial team and is published directly from the IANS news feed.]
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CBI Books Delhi Firm for ₹247 Cr Bank Fraud with PNB

Apple Industries accused of defrauding PNB via fake documents, fund diversion, and conspiracy.

CBI Books Delhi Firm for ₹247 Cr Bank Fraud with PNB

Apple Industries accused of defrauding PNB via fake documents, fund diversion, and conspiracy.

June 17, 2025 | 22:46 IST

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