Early Times Report
JAMMU, June 29: Justice Sanjay Dhar today dismissed two petitions filed by Raj Kumar Gupta a businessman challenging the FIRs registered by Central Bureau of Investigation. While dismissing both the petitions, Justice Dhar observed that it is clear that the mere fact that complaint relates to a commercial transaction or breach of contract, for which a civil remedy is available, is not by itself a ground to quash the criminal proceedings.
In the instant case, as already noted herein before, the allegations laid in the complaint made by the respondent bank in both the cases make out a prima facie case of cheating against the petitioners and, as such, the instant cases are not fit for exercise of jurisdiction of this Court under Section 482 of Cr. P. C
Central Bureau of Investigation (CBI) Jammu had registered an FIR under Sections 120B read with Sections 420,409 against Jammu based businessman and his firms for criminal conspiracy, cheating breach of trust and perpetration of fraud to the tune of Rs 18.10 crore with Bank of India, Satwari Branch, Jammu.
On the basis of a written complaint lodged with the Superintendent of Police, CBI, ABC, Jammu as Dy. Zonal Manager Bank of India, Amritsar Zone, Punjab, a regular case was registered against accused M/s I D Sood Ispat Pvt. Ltd, Raj Kumar Gupta, Director, M/s I D Sood Ispat Pvt. Ltd., Rajat Mahajan, Director, M/s I D Sood Ispat Pvt. Ltd., (Guarantor), M/s New Jhelum Flour Mills Pvt. Ltd, Jhelum Industries (Partnership firm) (Guarantor), M/s S K Kharkia & Associates (Auditor of M/s Jhelum Infra Projects India Pvt Ltd and other unknown persons for cheating Bank of India to the tune of Rs 18.10 crore by availing the credit facilities, diverting the funds and willfully defaulted the repayment to the bank.
The account of M/s I D Sood Ispat Pvt Ltd was classified NPA on March 31, 2015 by the bank and a preliminary investigation revealed a clear cut case of diversion of Bank’s funds and willful default by the firm and its directors. Subsequently, account was declared fraud on the basis of forensic audit report dated 06-09-2016 conducted by M/s Satya Prakash Mangal & Co. in the group account of JIPIPL.
It is pertinent to mention here that it was reported that CBI teams from Special Task Branch, New Delhi have conducted raids at multiple places in Jammu, HP and Jharkhand at industrial premises, mills and residence of Raj Kumar Gupta, Radhika Mahajan, and Rajat Mahajan, all residents of 37 F B/C Gandhi Nagar for fraud of Rs 105 crore with Bank of India Satwari Branch Jammu and two FIRs No. RC/DST/2019/A/ 0003 and RC/DST/2019A/2004 dated 26-08-2019 were registered for loan fraud of Rs 33.83 crore and Rs 39.07 crores against the same accused persons and their firms.
In another case Jhelum Industries Private Limited and Jhelum Infrastructure Projects Private Limited at Gandhi Nagar, Samba, Kandrori in Himachal Pradesh and Dhanabad in Jharkhand in connection with misappropriation of Rs 69 crore worth loans taken from Bank of India (BoI) Satwari branch, which have now touched around Rs 73 crore.
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