The Central Bureau of Investigation (Mumbai branch) reportedly let off Punjab National Bank’s Zonal General Manager R K Gupta, who was caught on the suspicion of sanctioning a huge loan of Rs 275 crore to an Ahmedabad-based industrial unit and thereby making money, in New Delhi on Wednesday.

Gupta was asked to furnish a personal bail bond and an assurance that he shall cooperate with the investigating agency, whenever required.

Gupta was questioned at length during which, sources said, he said he had no powers to grant such a hefty amount of loan to the company and that he had merely forwarded the case to the then CMD of Punjab National Bank, S C Gupta.

He said it was only on the instructions issued by the CMD that he granted the loan to the industrial unit — Vishal Udyog Limited — in Ahmedabad.

The Central Bureau of Investigation had sealed RK Gupta’s bank lockers and accounts in the PNB’s Sector 9 branch on Tuesday in connection with a case registered in Mumbai about a year ago.

Source:expressindia.com