In a significant development in a ten-year-old bank fraud case, the Central Bureau of Investigation (CBI) has initiated the process to auction the property of a surety after the main accused, along with his wife and son, absconded following bail. The fraud, involving a private firm in Mohali and officials of Indian Overseas Bank (IOB), caused a loss of ₹7.29 crore to the bank.
Accused Declared Absconders After Jumping Bail
The case revolves around Arvind Machine & Tools Pvt Ltd, a Mohali-based company, whose director Amarinder Singh Gorawara, his wife Daljit Kaur, and their son Sahil Gorawara allegedly committed the fraud. The trio, after securing bail from the court, went into hiding and have since been declared “absconders” by the court.
According to the CBI investigation, the accused acquired a bank loan worth ₹7.29 crore using forged documents. After securing the loan, the money was diverted to various shell and fictitious companies, causing major financial damage to Indian Overseas Bank.
Court Imposes Fine on Surety, Moves to Recover Through Auction
With the accused still untraceable, the court directed their sureties to appear and produce them before the court. One surety deposited the court-imposed penalty of ₹70,000, but another surety, Attar Singh of Dera Bassi — who stood guarantee for Amarinder and Daljit Kaur — refused to pay the fine.
Following this refusal, the court ordered that Attar Singh’s property be auctioned to recover the penalty amount. Although the auction process did not move forward initially, the CBI has now issued formal instructions to the Dera Bassi Collector to proceed with the sale of the property and ensure recovery.
Fraud Executed Through Fake Firms and Forged Documents
The CBI registered the case nearly ten years ago. Investigations revealed that the company directors, in connivance with certain bank officials, created forged documentation to obtain the loan. The funds were then circulated through fake or non-existent companies to hide the fraudulent trail.
These transactions were part of a planned scheme involving fake billing, shell firms, and forged business transactions — a pattern commonly seen in corporate loan frauds.
Eight Individuals Facing Trial
A charge sheet was filed by the CBI in September 2019. A total of eight individuals are facing trial under IPC Sections 420, 467, 468, 471, 120-B, along with charges under the Prevention of Corruption Act. The accused include:
- Amarinder Singh Gorawara (Director)
- Sahil Gorawara
- Daljit Kaur
- Parminder Singh (Director of another private company)
- Adarsh Kumar Rajvanshi (then Bank Manager)
- Vijay Kumar Grover (then Senior Officer)
- Satya Kumar Parikh (then Chief Manager)
- Raj Kumar Panjla (former Senior Manager)
These individuals are accused of criminal conspiracy, cheating, forgery, and corruption-related offences.
CBI Intensifies Action, Hunt for Main Accused Continues
Despite a decade of investigation, the main accused remain untraceable. The CBI’s latest move to recover the penalty amount by selling the surety’s property marks a tightening of legal action in the case. Officials believe that increased pressure on associated individuals may help them trace the absconding accused.
The case highlights the complexities of financial fraud investigations, the role of forged documents in loan scams, and the accountability mechanisms in place for sureties in criminal proceedings.
