Ex MD of Maruti Suzuki Jagdish Khattar Booked By CBI For a Financial Fraud

The Central Bureau of Investigation (CBI) has booked former Managing Director of Maruti Suzuki Jagdish Khattar in Rs 110 crore alleged bank loan fraud case involving his new company Carnation Auto India Pvt Ltd. In its FIR filed recently, the CBI has named Mr Khattar and his company Carnation Auto India Limited for allegedly causing a loss of Rs 110 crore to Punjab National Bank, CBI officials said.

After quitting Maruti Suzuki, Jagdish Khattar started Carnation Auto India Pvt Ltd and availed Rs 170 crore loan from Punjab National Bank.

Around Rs 110 crore is the outstanding amount and the account turned into a non-performing asset (NPA) in 2015.

In its FIR filed recently, the CBI has named Khattar and his company Carnation Auto India Limited for allegedly causing a loss of Rs 110 crore to Punjab National Bank, they said.

Khattar was with Maruti Udyog Limited from 1993 to 2007 when he retired as Managing Director of the company, they said.

After retirement he had launched Carnation for which he got a loan of Rs 170 crore sanctioned in 2009. The loan was declared non performing asset in 2015 with effect from 2012, the FIR said.

The agency has registered an FIR under IPC sections related to criminal conspiracy and cheating on a complaint from Punjab National Bank, the officials said.