NEW DELHI: The IWC has filed a case of disproportionate assets (DA) against the former president and managing director of United Bank of India, Archana Bhargava, for allegedly accruing assets worth Rs 3.63 crore, more than his sources of known income between 2004 and 2014.
She was previously hired by CBI in September 2016 in a corruption case together with two private companies and her residence was raided during which the documents related to the investment worth Rs. 10 crore were recovered.
CBI alleged in its last FIR that Bhargava, who held the positions of executive director at Canara Bank and then CMD of United Bank of India, acquired movable and immovable assets in her name and on behalf of her husband – Sunil Bhargava and her son Anshuman Bhargava between April 1, 2004 and February 2, 2014.
She joined the Punjab National Bank in November 1997 as an administrative apprentice and became deputy general manager in 2004 and GM in 2008. She then worked as executive director at Canara Bank from 2011 to 2013 before being appointed as UBI’s CMD. The senior banker voluntarily withdrew from the service in February 2014.
CBI said in its last FIR that Bhargava has assets worth 5.22 million rupees, of which Rs 3.63 million are destined to be disproportionate to their known sources of income. After the raids on its premises in 2016, CBI had claimed that it had several properties: a three-story bungalow in Noida, a flat in Vasant Kunj and two other properties on behalf of its family members in Delhi and Mumbai.
The sources said he could not justify the assets and investments during the investigation.