10 individuals have also been named as accused
The CBI has registered a case against Delhi-based Sunstar Overseas Limited and others for allegedly cheating the Punjab National Bank of over ₹56 crore.
According to the FIR, the company had taken credit facilities from a consortium of nine banks and had an outstanding of ₹951.88 crore in 2017. Apart from Sunstar Overseas, 10 individuals have been named as accused.
The loan account with the PNB was declared fraud and reported to the RBI in July, 2019. A forensic audit revealed that the company had allegedly diverted ₹18.81 crore to one Greatwall Construction & Developers Private Limited that invested the funds in the real estate.