15 Years On, Ghaziabad Court Charges 3 PNB Officials in Loan Fraud Case Fifteen years after the initial loan sanctioning, a special court in Ghaziabad has framed charges against three Punjab National Bank (PNB) officials for alleged fraud, criminal conspiracy, and misuse of public office. The case involves loans totaling over Rs 5 crore sanctioned in 2011 to a couple, Sanjeev Dixit and Sheetal Sharma, who are also named as co-accused. The court, presided over by Special CBI Judge Anand Prakash Singh, charged the three officials—Rajendra Singh Chauhan, Raghavendra Swaroop Bhatnagar, and Manoj Kumar—under multiple sections of the Indian Penal Code (IPC) and the Prevention of Corruption Act. The case centers on two loan applications processed by the PNB Nehru Nagar branch. Sanjeev Dixit submitted a request for a cash credit (CC) limit of Rs 3.5 crore on May 9, 2011. The loan was sanctioned on May 25 after the bank mortgaged his property in New Delhi, C-193, Vivek Vihar. However, investigators found that Dixit had submitted two forged sale deeds to secure the loan. The bank officials, including Chauhan (then chief manager-cum-sanctioning officer), Bhatnagar (deputy manager/processing officer), and Kumar (manager/recommending officer), allegedly failed to conduct proper due diligence. As a result, Rs 1,97,48,800 was transferred from the CC account to M/s Jagdamba Crane Services, registered in the name of Radheshyam Sharma, who is the uncle of Sheetal Sharma, Dixit’s wife. The funds were used to purchase a property in Sector 5, Vasundhara, Ghaziabad. Sheetal Sharma, also a co-accused, submitted a separate loan application on June 19, 2011, seeking a Rs 2 crore credit limit. The bank sanctioned the loan after mortgaging her property in Vasundhara, despite the sale deed being forged.#ghaziabad #pnb #sanjeev_dixit #sheetal_sharma #cbi_judge_anand_prakash_singh
Nifty experienced a sharp sell-off on Monday, continuing its downward trend amid weak global market signals and rising geopolitical tensions. The index opened with a significant gap down, reflecting negative sentiment from international markets, and remained under sustained selling pressure throughout the trading session. Analysts from Religare Broking Ltd noted that the decline was driven by broader uncertainties and continued challenges in the global economic environment. The next key support level for the Nifty is expected to be in the 21,900–22,000 range, which aligns with the 200-week moving average, followed by the 21,700 level, corresponding to the April 2025 low. Given the prevailing volatility and uncertain outlook, the firm advised investors to adopt a cautious approach, recommending options spreads over naked positions in the index. A selective, stock-specific trading strategy was also emphasized to navigate the volatile market conditions. The banking sector mirrored the broader market weakness, with the banking index extending its downward trend for the third consecutive session. The index opened with a steep gap down and remained weak, trading well below key short-term moving averages. Broad-based selling was observed across major banking stocks, with PNB and Union Bank leading the decline. Technically, immediate resistance for the Nifty is positioned near the 22,500 level, while strong support is identified around the 22,000 mark. Analysts highlighted the importance of monitoring these levels as critical turning points for the index. The combination of global headwinds, domestic economic concerns, and geopolitical risks is expected to keep pressure on market participants in the near term.#global_markets #nifty #religare_broking_ltd #pnb #union_bank
