CHANDIGARH, March 8—The Central Bureau of Investigation (CBI) has filed a chargesheet against Mumbai-based Ankur Drugs and Pharma Ltd and its director in connection with an alleged ₹60-crore bank fraud. The chargesheet, submitted in a Chandigarh CBI court, invokes Sections 420 and 120-B of the Indian Penal Code, along with Sections 13(2) and 13(1)(d) of the Prevention of Corruption Act.
The case stems from a complaint lodged on July 17, 2023, by Punjab National Bank (PNB) Chief Manager Nand Kishore Barnwal. According to the complaint, Ankur Drugs and Pharma Ltd, a public limited company engaged in pharmaceutical manufacturing, obtained working capital facilities under a consortium led by the State Bank of India.
In 2009, the company secured ₹50 crore as a short-term loan and an additional ₹30 crore as a fresh term loan to expand its Baddi unit. Of this, PNB provided ₹60 crore. However, the company defaulted on repayments, and by 2012, the loan was classified as a non-performing asset (NPA).
PNB later declared the account fraudulent, alleging the company inflated stock valuations to secure funds and diverted short-term loans for capital expenditures. The bank stated that these actions resulted in a financial loss of ₹60.29 crore.
Following the fraud declaration, a committee was formed to assess staff accountability, but no irregularities were found among bank officials. The court has issued notices to the accused, with the next hearing set for April 16, 2025.
