Jagdish Khattar, Former Maruti Top Executive, Booked By CBI For Fraud Case

Former Maruti Suzuki top boss, Jagdish Khattar, has been booked by the Central Bureau of Investigation (CBI) for a bank loan fraud case. After leaving Maruti Suzuki, Khattar had availed a loan of Rs. 170 crore from the Punjab National Bank. According to documents sourced, Khattar is yet to repay around Rs. 110 crore and the outstanding amount had turned into a non-productive asset (NPA) in 2015. In the First Information Report (FIR) filed by the CBI, the agency says that Jagdish Khattar and his company, Carnation Auto India Limited has allegedly caused a loss of Rs. 110 crore to Punjab National Bank.

carandbike did reach out to Jagdish Khattar for a comment and he replied, saying, "Carnation is a bonafide business failure. There is no wrong doing. A detailed forensic audit was conducted earlier this year by a leading independent auditor and nothing amiss was found. The Bank has now referred it to CBI as a part of the process followed by them. Search was conducted by CBI but nothing incriminating was found. We will be vindicated once the investigation is completed."

CBI alleges that Khattar along with 'unknown public servants' cheated the bank of the amount of Rs. 110 crore. CBI has registered an FIR under IPC sections related to criminal conspiracy and cheating, in regards to a complaint registered by Punjab National Bank. The case was registered on December 20, 2019.

Jadish Khattar was working with Maruti Suzuki from 1993 till 2007, where he retired as the Managing Director of erstwhile Maruti Udyog Limited and it was after superannuating from Maruti Udyog, that Khattar started his own venture in form of Carnation Auto, which is a multi-brand used car sales and service company, which is headquartered in Noida, Uttar Pradesh, in the National Capital Region.