Former banker Archana Bhargava and her family were given a clean chit by the Central Bureau of Investigation (CBI) in a corruption case after no incriminating evidence was found in the agency's probe.
The CBI had alleged in its case filed in 2016, that Ms Bhargava abused her position and had obtained monetary benefits for Rank Mercantile Private Limited (RMPL), a company owned by her husband and their son, from Anil Dhirubhai Group of Companies, Delhi International Airport Limited, Punj Lloyd Limited, for which various loan facilities were given during her tenure.
Ms Bhargava was the Executive Director at Canara Bank in 2011 and the Chairman and Managing Director at United Bank of India (UBI) from 2011-2013.
The CBI had alleged that Rs 1.10 crore was credited without any transaction in the account of RMPL from Astbhuja Dealtrade Pvt Ltd (ADPL), a shell company in Kolkata, which the central agency alleged was a financial advantage obtained by Ms Bhargava over giving credit benefits to others.
The CBI flagged these transactions as "suspicious" and "quid pro quo" (a favour given in return for something) from companies that availed loan benefits from the banks headed by Ms Bhagrgava.
The agency also looked into another allegation that RMPL raised around Rs 1.33 crore between 2009-2013 through an issue of shares to non-related entities at a premium price.
In 2020, the CBI completed its investigation and decided to close the case as the allegations against Ms Bhargava were "non-substantiated", sources said.
However, in 2022, a CBI court in Delhi rejected the closure report and ordered further probe into the corruption case and investigate the "questionable credit" of Rs 1.15 crore in RMPL's account from the shell company in Kolkata.
The CBI reached out to Serious Fraud Investigation Office (SFIO) to investigate the transaction between RMPL and ADPL. The investigation found no incriminating material for any criminal offence.
Archana Bhargava sought voluntary retirement (VRS) in 2014 while heading the United Bank of India.
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