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news details
Rasutra brothers dupe J&K Bank, family friend of crores of rupees
CJM rejects bail of fraudster Puneet Rasutra
5/3/2019 10:40:39 PM
Early Times Report
Jammu, May 3: CJM A local court on Friday rejected the bail application of an 'industrialist' Puneet Rasutra who has been arrested by the Crime Branch of police in a sensational case involving him and his brother Sumeet Rasutra in duping the J&K Bank and a family friend as well of crores of rupees.
According to the Crime Branch report, a complaint was lodged by one Munish Bhatia, son of Madan Bhatia, of Canal Road, Jammu, alleging that Puneet Rasutra, son of late Sham Lai Rasutra, resident of H.No. 113, Rehari, Jammu, had obtained a bank loan of crores of rupees by fraudulently mortgaging his (Munish's) property documents with the bank.
Munish said Puneet was his childhood friend and his family members had started a business under the name and style M/S ACE Engineering Infratech Pvt. Ltd. having its business place at Lane No. 4 SIDCO Industrial Area, Bari Brahmna, Jammu. In view of close relations he had taken its advantage and prevailed upon Munish for mortgaging his and his brother's property situated at Gandhi Nagar, Jammu, enabling him to avail a loan from J&K Bank, branch Trikuta Nagar, Jammu. On Puneet's request, Munish said he had mortgaged their property valuing crores of rupees and he and his brother became the guarantors.
In 2015, Puneet again approached Munish for mortgaging his property as collateral security for O/D limit and told him that he had got a big supply order of manufacturing of prefabricated "A" vehicle garage at Dimapur worth Rs 16 crore from 107 Engineer Regiment C/O 99 APO, a concern of North East Defence Division and for which he had shown the requirement of more funds and revealed his intention to raise another loan from J&K Bank against the property which had already been mortgaged with the bank.
After receiving the payment he promised that he will deposit the same in the bank and get their property released from the bank. On the inducement, Munish agreed and executed the necessary documents and Puneet obtained O/D limit of Rs 4 crore more from the bank against the property of the complainant.
Munish further alleged that Puneet became chronic defaulter in payment of loan and the bank authorities initiated legal proceedings against Munish and his brother, whose property was mortgaged against the said loan that caused great loss to their hard earned reputation. After paying the loan amount of Rs 10 crore, the mortgaged property of Munish and his brother was released by the bank.
Munish also alleged that later on, when the bank authorities took up the matter with the Army authorities to ascertain as to whether any supply order has been issued in favour of Puneet Rasutra or otherwise, the Army authorities of 107 Engineer Regiment informed the bank that no such supply order of manufacturing of prefabricated "A" vehicle garage has been issued by the Army authorities in favour of Puneet Rasutra.
On this it came to the knowledge of the complainant that the said supply order produced by Puneet before the bank authorities is a fake and forged document and Puneet, after hatching a criminal conspiracy with his brother namely Sumeet Rasutra, one of the directors of the firm ACE Engineering Infra Tech Pvt. Ltd., caused wrongful loss to Munish and his brother and cheated them and caused loss of Rs 10 crore by inducement and by making false promises and representations before the bank authorities.
On the receipt of said complaint, a PV was initiated by Crime Branch, Jammu. On the basis of verification conducted, it has been prima facie established that the fake Army supply order has falsely been prepared by the alleged accused to get SOD of Rs 4 crore by inducing the complainant. During the course of enquiry the branch manager J&K Bank Ltd. Trikuta Nagar, Jammu also submitted a complaint alleging therein that Puneet Rasutra and Sumeet Rasutra have played a fraud with the bank and availed substantial credit facilities in crores of rupees on the basis of forged and fabricated work order with common and criminal intention by hatching a well knitted criminal conspiracy and the accused have committed offences of cheating with fraudulent means by preparing fake and forged documents.
Therefore, on the basis of enquiry, a case FIR No. 23/19 u/s 420, 467, 468, 471 RPC was registered in P/S Crime Branch, Jammu against (1) Puneet Rasutra and (2) Sumeet Rasutra both sons of Lt. Sham LaL Rasutra R/O H.No. 113, Rehari, Jammu and the investigation has been started.
CJM Jammu Surinder Singh after hearing Advocates Bodh Raj Rao and Anchit Sharma for the applicant whereas Senior PO Rohit Gupta for the State whereas Advocates Rakesh Chargotra, Vishal Goel and R.K Jain for the complainant, observed that in the case the investigation is at its initial stage. Recoveries are pending and statement of the material witnesses are yet to be recorded in the case. It has been held in a number of cases that gravity of offence involved is likely to induce the accused to avoid the course of justice and must weigh with the court when considering the question of bail and so also the heinousness of the crime. For what has been stated and discussed herein above, and keeping in view the charge against the accused and material collected so far by the police agency suggest the complicity of the accused in the commission of alleged crime. There appears reason for believing the petitioner's involvement in the crime, so granting him bail at this crucial stage may frustrate the efforts of the investigating agency in collecting evidence. That apart public interest involved in the matter adds to its gravity, as the laws meant for maintaining the public order cannot be used to disturb it.
Above all, chance of petitioner's tempering with the evidence which is yet to be collected cannot be ruled out. Thus looking to the seriousness of the offences alleged refusal of bail to accused would be proper which is hereby refused and application of bail is dismissed.
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