Bhopal: When the Economic Offense Wing (EOW) raided Punjab and Sind bank in Indore, Madhya Pradesh, on Wednesday evening, everyone was stunned. It has now come to light that the case pertains to liquor mafias and contractors, in which crores of rupees have been cheated in the name of bank guarantees. It accuses bank officials of benefiting contractors.

EOW had received information about bank guarantees on incomplete documents, suspecting connivance of Punjab and Sind bank officials. The Economic Offense Wing suspects that there has been a Rs 150 crore bank scam. Later EOW raided Punjab and Sind Bank office in Rajbara on Wednesday.  Liquor contracts, bid held in February every year. For this, each contractor has to provide a bank guarantee of 12% before bidding and deposit the remaining amount in installments. But the liquor contractors took contracts with guarantees on the basis of incomplete documents after which many questions arose and the complaint reached EOW.

Most of the contractors associated with the liquor syndicate have accounts in the Rajbara branch of Punjab and Sind Bank. The complaint is that in many cases the bank guaranteed more than the capacity without checking the property.

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